NEWS

Google Ad

WTI Oil traded over $71 after OPEC MOMR and EIA reported a draw in crude of -5241kbbl (including a +165kbbl build at Cushing) Gasoline stocks grew +7046kbbl and Utilization rose 2.6% to 91.3%  the highest since the Pandemic began. Production rose 200kbbl to 11,000 kbpd.

Natural gas futures broke $3.20 after the EIA reported a near consensus build of +98 Bcf again in gas storage last week.  The market is focusing on demand, option strikes and hedging levels. Gas flows to U.S LNG export terminals last Friday were 10.2 bcf, almost double a year ago.

Natural gas futures tested $3.20 after the EIA reported a near consensus build of +98 Bcf again in gas storage last week.  The market is focusing on demand, option strikes and hedging levels. Gas flows to U.S LNG export terminals last Friday were 10.2 bcf, almost double a year ago.

US Consumer price inflation (CPI) continues to accelerate, all be it off low Covid lockdown bases. Annual CPI hit 5% in May, highest since August 2008. Biggest price increases again were energy with gasoline up 56.2% and utility gas service up 13.5%.

The OPEC Monthly Oil Market Report (MOMR) for June 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.

Google ads