Into The Vortex – Natural Gas Recap and Outlook for The Week Ahead

The EIA reported the natural gas storage build in the U.S. last week came in less than expected with +70Bcf in storage with consensus a build of +79Bcf. For perspective in the same week last year stocks were +93Bcf, with a five-year average +90Bcf. Total stocks at 2633 bcf reduced the surplus relative to the 5-yr avg from 34% to 30.8%. The withdrawal season has ended with stocks at the highest level in years. As of April 26, natural gas … Continue reading “Into The Vortex – Natural Gas Recap and Outlook for The Week Ahead”

Around The Barrel – Crude Oil Market Recap and Outlook for The Week Ahead

EIA reported a US crude draw of -2.508Mbbls. Gasoline stocks fell -0.235Mbbls. Distillates fell -0.045Mbbls in inventories. The WTI Futures Hub at Cushing stocks fell with -0.341Mbbls draw. Domestic US oil production was unchanged at 13.1mbpd just off the all-time high 13.3mbpd. Refinery demand rose with refinery utilization rising +1.90% to 90.4%. There was +0.600Mbbls added to SPR inventory WoW. West Texas Intermediate futures are around last Friday’s settle of $78.26 heading into the latest EIA report suggesting the market is pricing … Continue reading “Around The Barrel – Crude Oil Market Recap and Outlook for The Week Ahead”

Into The Vortex – Natural Gas Recap and Outlook for The Week Ahead

The EIA reported the natural gas storage build in the U.S. last week came in less than expected with +79Bcf in storage with consensus a build of +85Bcf. For perspective in the same week last year stocks were +71Bcf, with a five-year average +81Bcf. The withdrawal season has ended with stocks at the highest level in years. As of April 26, natural gas inventories were up +20.4% y/y and were +34.9% above their 5-year seasonal average, signaling ample natural gas … Continue reading “Into The Vortex – Natural Gas Recap and Outlook for The Week Ahead”

Around The Barrel – Crude Oil Market Recap and Outlook for The Week Ahead

EIA reported a US crude draw of -1.362M after last week’s large build of +7.265MMbbls. Gasoline stocks rose +0.915Mbbls. Driven by a 1.3mb/d drop in exports and refinery demand falling by 0.23mb/d. Implied gasoline demand rose for the first time in five weeks but the 4-wk avg stays close to its lowest seasonal level since 2020. Distillates rose +0.560Mbbls in inventories. The WTI Futures Hub at Cushing stocks rose with a +1.880Mbbls build. Domestic US oil production was unchanged at 13.1mbpd just off … Continue reading “Around The Barrel – Crude Oil Market Recap and Outlook for The Week Ahead”

Into The Vortex – Natural Gas Traders Outlook as Prices Approach 29 Year Low

The EIA reported the natural gas storage build in the U.S. last week came in more than expected with +59Bcf in storage with consensus a build of +56Bcf. For perspective in the same week last year stocks were +62Bcf, with a five-year average +72Bcf. The withdrawal season has ended with stocks at the highest level in years. Benchmark front month US natural gas futures hover near 3-3/4-year futures low, nearing a 29-year low Friday as demand continues to weigh on … Continue reading “Into The Vortex – Natural Gas Traders Outlook as Prices Approach 29 Year Low”

Around The Barrel – Crude Oil and Gasoline Outlook for The Week Ahead

EIA reported a US crude build of +7.265MMbbls. Gasoline stocks rose +0.347Mbbls. Driven by a 1.3mb/d drop in exports and refinery demand falling by 0.23mb/d. Gasoline demand (4-wk avg.) dropped for a fourth week to its lowest seasonal level since 2020. Distillates fell -0.732Mbbls in inventories. The WTI Futures Hub at Cushing stocks rose with a +1.089Mbbls build. Domestic US oil production was unchanged at 13.1mbpd just off the all-time high 13.3mbpd. Refinery demand rose marginally. Refinery utilization fell -1.00% to 87.5%. … Continue reading “Around The Barrel – Crude Oil and Gasoline Outlook for The Week Ahead”

Into The Vortex – Natural Gas Traders Outlook with Freeport LNG Impact

The EIA reported the natural gas storage build in the U.S. last week came in more than expected with +92Bcf in storage with consensus a build of +86Bcf. For perspective in the same week last year stocks were +77Bcf, with a five-year average +59Bcf. The withdrawal season has ended with stocks at the highest level in years. Natural gas futures pulled back after a six rally ahead of the weekly storage report with forecasts for warmer US spring temperatures that … Continue reading “Into The Vortex – Natural Gas Traders Outlook with Freeport LNG Impact”

Around The Barrel – Crude Oil Traders Outlook with War and Rising rates

EIA reported US crude and refined product exports were at record 12.094mbpd last week. The DoE reported a crude draw of -6.368Mbbls. Gasoline stocks fell -0.634Mbbls. Distillate rose +1.614Mbbls in inventories. The WTI Futures Hub at Cushing stocks fell with a -659Mbbls draw. Domestic US oil production was unchanged at 13.1mbpd just off the all-time high 13.3mbpd. Refinery demand rose marginally. Refinery utilization rose +0.4% to 88.5%. There was +0.793Mbbls added to SPR inventory WoW. The US government has flipped to buying … Continue reading “Around The Barrel – Crude Oil Traders Outlook with War and Rising rates”

Into The Vortex – Natural Gas Outlook as Geopolitical Tensions Heat Up

Natural gas futures were steady after the EIA reported the natural gas storage build in the U.S. last week came in as expected with +50Bcf in storage with consensus a build of +50Bcf. For perspective in the same week last year stocks were +61Bcf, with a five-year average +61Bcf. The withdrawal season has ended with stocks at the highest level in years. Notably oil futures fell for a fourth straight session as fears on the Iran/Israel Conflict fallout waned. Weak … Continue reading “Into The Vortex – Natural Gas Outlook as Geopolitical Tensions Heat Up”

Around The Barrel – Crude Oil Outlook with Iran and Israel at War

EIA reported a crude build of +2.735Mbbls offset with draws in gasoline and diesel. Gasoline stocks fell -1.154Mbbls. Distillate fell -2.760Mbbls in inventories. The WTI Futures Hub at Cushing stocks rose with a +0.33Mbbls build. Domestic US oil production was unchanged at 13.1mbpd just off the all-time high 13.3mbpd. Refinery demand unexpectedly slowed. Refinery utilization fell -0.2% to 88.1%. There was +0.648Mbbls added to SPR inventory WoW. Markets will focus more acutely over the coming weeks on the effects of the Iran … Continue reading “Around The Barrel – Crude Oil Outlook with Iran and Israel at War”