NEWS

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The EIA reported a draw of - 77 Bcf in natural gas storage last week. Inventories are expected to peak this year at 3.24 Tcf: 14% below the 5-year average, the lowest level in at least a decade. Meanwhile Mexican exports near record high as we watch LNG shipments.  

ECB interest rates on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged. Reiterates QE ends in this month.

EIA reported a smaller than expected draw in crude oil with builds in gasoline and a build in Cushing inventories last week.  Production fell  off all time highs to 11.6 mbpd. Crude oil futures volatilty continues after OPEC meeting and Trade War concerns.

The OPEC Monthly Oil Market Report (MOMR) for December released Wednesday 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.

U.S. oil rigs in service fell 10 this week from a near a new cycle high as U.S.oil production  remained at all time high of 11.70 million bpd. US Natural gas rigs rose 9. Oil rigs fell 17 in Canada. Bottlenecks remain in the Midland Texas area.

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