EIA Reports U.S. Natural Gas Stocks Fell 60Bcf Last Week

EIA reported natural gas storage in the U.S. last week came in less expected at -60Bcf in storage with consensus a draw of -65Bcf. For perspective in the same week last year stocks were -75Bcf, with a five-year (2017-2021) average -168Bcf. The global natural gas price selloff got some this week reprieve after hitting the lowest level since June 2020 last week. Catalysts included paper covering and the Chesapeake announcing production cuts and Freeport Train one began to flow again. … Continue reading “EIA Reports U.S. Natural Gas Stocks Fell 60Bcf Last Week”

Around the Barrel – Oil Prices Outlook for the Week Ahead

Oil futures maintain a bid tone after they did something they haven’t done for a while, both WTI and Brent crude tallied a second straight weekly gain. WTI settled at its highest since early November. The price being influenced by the US dollar, the outlook for interest-rate cuts by the Federal Reserve, ratcheting-up of tensions in Middle East, and uncertainty about crude demand. The strength of the dollar offsets price manipulation attempts measures by OPEC and the incessant hopes economic … Continue reading “Around the Barrel – Oil Prices Outlook for the Week Ahead”

Natural Gas Price Hits 2020 Low After EIA Reports Smaller -49Bcf Draw

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 Hits 2020 Low After EIA Reports Smaller -49Bcf Draw”

Occidental Petroleum Pumps in Strong Earnings Beat, Raises Dividend by 22%

Houston based Occidental Petroleum on Wednesday reported better than expected fourth-quarter earnings, its best quarterly output in three years as it cut spending. Occidental reported adjusted earnings of 74 cents per share for the quarter ended Dec. 31, ahead of analysts’ estimates of 71 cents per share, according to LSEG data. The report follows better than expected earnings from Exxon Mobil and Chevron earlier this month. Like those majors Occidental increased its quarterly dividend payments. OXY raised their payout by … Continue reading “Occidental Petroleum Pumps in Strong Earnings Beat, Raises Dividend by 22%”

EIA Report +12.018Mbbl Build, Gasoline Stocks Shrink Over -3Mbbls Again -Around The Barrel

EIA reported a crude build of +12.018Mbbls. Gasoline stocks fell -3.658Mbbls after reaching a reached a fresh three-year high two weeks ago, still a lot of Gasoline building up. Distillate drew -3.221Mbbls in inventories. The WTI Futures Hub at Cushing stocks had a +0. 710M build. Domestic US oil production figures remained at the all-time high 13.3mbpd. Refinery utilization fell -1.8% to 80.6%. There was +0.746Mbbls added to SPR inventory WoW. Oil prices volatility continues in a tight range continue … Continue reading “EIA Report +12.018Mbbl Build, Gasoline Stocks Shrink Over -3Mbbls Again -Around The Barrel”

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”

Chevron Revenue Increases from PDC Energy, Raises Dividend 8%

Chevron, the second-largest U.S. oil company after Exxon, on Friday reported stronger-than-expected third quarter earnings. CVX posted total adjusted earnings of $2.3 billion, or $3.45 a share beating analysts looking for a profit of $3.19 a share. Chevron announced record annual production, enabled by the acquisition of Colorado producer PDC Energy and raised the quarterly dividend by 8% to $1.63 a share bringing the company’s dividend yield to 4.3%, ahead of Exxon’s 3.7%. Chevron spent a record $26 billion on … Continue reading “Chevron Revenue Increases from PDC Energy, Raises Dividend 8%”

Higher Oil and Gas ExxonMobil Trading Profits and Production in 2023

Energy giant ExxonMobil, the largest U.S. oil company, reported a better-than-expected $36 billion profit for 2023 boosted by fuels trading and higher oil and gas production. For the fourth quarter XOM EPS beat by $0.28 but missed on revenue expectations. Exxon Chief Executive Darren Woods said the industry “saw energy prices and refining margins start to normalize in 2023.” Earnings across the energy space have been rebalancing by the slump in global natural gas and crude prices since last year’s … Continue reading “Higher Oil and Gas ExxonMobil Trading Profits and Production in 2023”