Free Those BTUs!
Two weeks ago, the world continued to be awash in oil due to the success of the domestic U.S. unconventional revolution and the recent production increases in Saudi Arabia and Russia. Then, OPEC+ instituted a production cut of 9.7 MMbbl/d. Prices went up … a little. Then, on April 16, the International Energy Agency predicted […]
Natural Gas Storage Spreads Give Insights About Future Fundamentals
[contextly_auto_sidebar] Natural gas storage inventories increased 43 Bcf for the week ending April 17, according to the EIA’s weekly report. This was slightly below the expected injection of 45 Bcf. Working gas storage inventories now sit at 2.140 Tcf, which is 827 Bcf above inventories from the same time last year and 364 Bcf above […]
Prices Jumped Despite Significant Inventory Build
[contextly_auto_sidebar] US crude oil stocks posted an increase of 15.0 MMBbl. Gasoline and distillate inventories increased by 1.0 MMBbl and 7.9 MMBbl, respectively. Yesterday afternoon, API reported a large crude oil build of 13.2 MMBbl alongside gasoline and distillate builds of 3.4 MMBbl and 7.6 MMBbl, respectively. Analysts were expecting a crude oil build of […]
EIA Reports Gas Injection Slightly Above Expectations
[contextly_auto_sidebar] Natural gas storage inventories increased 73 Bcf for the week ending April 10, according to the EIA’s weekly report. This was slightly larger than the expected injection of 71 Bcf. Working gas storage inventories now sit at 2.097 Tcf, which is 876 Bcf above inventories from the same time last year and 370 Bcf […]
Prices Dip Below $20/Bbl After A Massive Build In Stockpile
[contextly_auto_sidebar] US crude oil stocks posted a large increase of 19.2 MMBbl. Gasoline and distillate inventories increased by 4.9 MMBbl and 6.3 MMBbl, respectively. Yesterday afternoon, API reported a large crude oil build of 13.14 MMBbl alongside gasoline and distillate builds of 2.22 MMBbl and 5.64 MMBbl, respectively. Analysts were expecting a smaller crude oil […]
First Injection of the Season Above Market Expectations
[contextly_auto_sidebar] Natural gas storage inventories increased 38 Bcf for the week ending April 3, according to the EIA’s weekly report. This was larger than the expected injection of 28 Bcf. Working gas storage inventories now sit at 2.204 Tcf, which is 876 Bcf above inventories from the same time last year and 324 Bcf above […]
Expectations of OPEC+ Deal Support Prices Despite Substantial Inventory Build
[contextly_auto_sidebar] US crude oil stocks posted a large increase of 15.2 MMBbl. Gasoline and distillate inventories increased by 10.5 MMBbl and 0.5 MMBbl, respectively. Yesterday afternoon, API reported a large crude oil build of 11.94 MMBbl alongside a gasoline build of 9.5 MMBbl and a distillate draw of 0.18 MMBbl. Analysts were expecting a smaller […]
Gas Draw Above Expectations, COVID-19 and OPEC+ Impacts Still Brewing
[contextly_auto_sidebar] Natural gas storage inventories decreased 19 Bcf for the week ending March 27, according to the EIA’s weekly report. This was larger than the expected draw of 15 Bcf. Working gas storage inventories now sit at 1.986 Tcf, which is 863 Bcf above inventories from the same time last year and 292 Bcf above […]
Whipsawed Into Reading Tea Leaves—Is This What It’s Come Down To?
Equity markets go down 10% in a day, then stage the biggest rally ever seen. Then they go down again. Then they rally, only to lose ground in the next trading session. And oil prices? Same story. From March 5-18, prices dropped by nearly 60%. From March 18-20, prices rose by 35%—no doubt due to […]
Prices Drop Further After A Large Crude Inventory Build
[contextly_auto_sidebar] US crude oil stocks posted an increase of 13.8 MMBbl. Gasoline inventories increased by 7.5 MMBbl and distillate inventories decreased by 2.2 MMBbl. Yesterday afternoon, API reported a large crude oil build of 10.5 MMBbl alongside a gasoline build of 6.1 MMBbl and a distillate draw of 4.5 MMBbl. Analysts, were expecting a smaller […]