NEWS

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EIA reported a build in crude of +4351kbbl including-4727kbbl draw at Cushing. Gasoline drew -260kbbl and a build with distillate +458kbbl. US production unchanged at 11000 kbpd, still off record high of 13.10 mbpd. Oil Futures reached the highest prices since March 2020. 

Henry Hub natural gas futures floundered after a near expected draw of -187 Bcf in gas storage last week and demand changes as winter takes hold. The focus is on the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

Rating agancy S&P on Tuesday puts the majority major oil companies on negative ratings watch or lowered their outlook. Many of the energy sector has massive debt exposure which has exposed them to the lockdown economic collapse. To add salt we are seeing aggressive energy transition by the developed world.

EIA reported a build in crude of +4351kbbl including-4727kbbl draw at Cushing. Gasoline drew -260kbbl and a build with distillate +458kbbl. US production unchanged at 11000 kbpd, still off record high of 13.10 mbpd. Refinery Utilization +0.5% to 82.5% Exp +0.4%

Henry Hub natural gas futures floundered after a near expected draw of -187 Bcf in gas storage last week and demand changes as winter takes hold. The focus is on the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

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