OPEC Monthly Oil Market Report April 2024

The OPEC Monthly Oil Market Report (MOMR) for April released Thursday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply. OPEC and its allies are voluntarily cutting their production by about 2 million barrels a day, a policy that will be reviewed at their next meeting on June 1.  MOMR Highlights OPEC Monthly Oil Market Report April 2024 US Rig, output and DUC Summary … Continue reading “OPEC Monthly Oil Market Report April 2024”

Natural Gas Price Slide Continues After EIA Reports Smaller Draw of -49Bcf – Into the Vortex

Natural gas prices continued to sell off after a smaller than expected storage draw. EIA reported natural gas storage in the U.S. last week came in less expected at -49Bcf in storage with consensus a draw of -68Bcf. For perspective in the same week last year stocks were -117Bcf, with a five-year (2017-2021) average -149Bcf. Henry Hub futures were down another 15% from falling 10.59% last week, after falling 4.4% the prior week. Headwinds include Weather forecasts, LNG exports, Freeport … Continue reading “Natural Gas Price Slide Continues After EIA Reports Smaller Draw of -49Bcf – Into the Vortex”

Around The Barrel: Volatile Oil Markets Impact on Traders

Oil prices volatility continues in a tight range continue with Chinese woes, currency moves and Mid East threats dictating. Oil futures settled higher for the fifth straight session Friday after escalating Middle East tensions contributed to a significant rise in crude-oil benchmark prices over the past week. NYMEX West Texas Intermediate crude for March delivery settled at $76.84 a barrel advancing 6.3% for the week. It was the largest five-day percentage gain for the U.S. benchmark since Dec. 20. This … Continue reading “Around The Barrel: Volatile Oil Markets Impact on Traders”

OPEC Monthly Oil Market Report February 2024

The OPEC Monthly Oil Market Report (MOMR) for February 2024 released Tuesday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply. Saudi Arabia’s energy minister said that OPEC stands ready to alter its policy at any time the day before the release. The report comes after Oil prices have pulled back but remained volatile after initially surging rose after the Hamas/Israel war. OPEC blames … Continue reading “OPEC Monthly Oil Market Report February 2024”

Into the Vortex – EIA Reports U.S. Natural Gas Stocks Fell 75Bcf Last Week

EIA reported natural gas storage in the U.S. last week a near expected -75Bcf in storage last week with the consensus was for a draw of -76Bcf. For perspective in the same week last year stocks were -208Bcf, with a five-year (2017-2021) average -193Bcf. Natural gas prices continue their fall, HH prompt sans $2.00. They fell again last week, Henry Hub futures for March delivery settled at $2.08 mbtu, up 1.4% on Friday but settled 4.4% lower for the week. … Continue reading “Into the Vortex – EIA Reports U.S. Natural Gas Stocks Fell 75Bcf Last Week”

Gasoline and Distillates Stocks Show Big Draws After Weeks of Builds – Around The Barrel

Oil prices continue to churn on Chinese woes and Mid East Threats after they had their largest weekly decline since October last week, moving higher as Red Sea and Iranian threats grow deeper. EIA reported a crude build of +5.520MMbbls. Gasoline stocks fell -3.146M after reaching a reached a fresh three-year high last week having risen +1.156M, 4.913Mbbls, +3.083Mbbls, +8.028Mbbls and +10.9Mbbls last weeks, that’s a lot of Gasoline building up. Distillate drew -3.221MMbbls in inventories. The WTI Futures Hub … Continue reading “Gasoline and Distillates Stocks Show Big Draws After Weeks of Builds – Around The Barrel”

FAO World Food Price Index Fell in January 2024 to lowest level since February 2021

World food prices as measured by the FAO Food Price Index continued to fall, down for a sixth month to 118 index points in January 2024, the lowest level since February 2021. The index is 13.7 points (10.4%) lower from a year ago, well off the record hit in March 2022 after Russia invaded Ukraine. Cereals prices were down 2.2% to December 2020-lows as global wheat export prices declined amid strong competition among exporters and arrival of recently harvested supplies … Continue reading “FAO World Food Price Index Fell in January 2024 to lowest level since February 2021”

Into the Vortex – U.S. Natural Gas Storage Draws -197 Bcf as Great Freeze Warms Up

EIA reported natural gas storage in the U.S. last week a less than expected -197Bcf in storage last week with the consensus was for a draw of -203Bcf. For perspective in the same week last year stocks were -141Bcf, with a five-year (2017-2021) average -185Bcf. The drastically cold temperatures & production freeze-offs have improved to where production is back to where i was mostly before the extreme cold. Natural Gas futures prices hover above lows with warmer temperature forecasts, US … Continue reading “Into the Vortex – U.S. Natural Gas Storage Draws -197 Bcf as Great Freeze Warms Up”

Around The Barrel – Gasoline Stock Hit Three Year High Rising Over 28Mbbls Last Month

EIA reported a crude build of +1.234MMbbls. Gasoline stocks reached a fresh three-year high rising another +1.156M adding to 4.913Mbbls, +3.083Mbbls, +8.028Mbbls and +10.9Mbbls last weeks, that’s a lot of Gasoline building up. Distillate drew -2.542MMbbls in inventories. The WTI Futures Hub at Cushing stocks fell with a -1.972M draw after last fortnights draws of -2.008M and -2.099Mbbls. Domestic US oil production figures rose 700kbpd to 103Mbpd as winter storm shut ins came back online, just off the all-time high … Continue reading “Around The Barrel – Gasoline Stock Hit Three Year High Rising Over 28Mbbls Last Month”

Into the Vortex – EIA Reports Third Biggest Natural Gas Storage Withdrawal Ever

EIA reported natural gas storage in the U.S. last week drew more than expected -326Bcf in storage last week with the consensus was for a draw of -320Bcf. For perspective in the same week last year stocks were -86Bcf, with a five-year (2017-2021) average -148Bcf. The drastically cold temperatures & production freeze-offs led to the third biggest natural gas storage withdrawal after -359Bcf in 2018 and -338Bcf in 2021. Natural Gas futures prices bounced off lows with lower production from … Continue reading “Into the Vortex – EIA Reports Third Biggest Natural Gas Storage Withdrawal Ever”