NEWS

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Natural gas futures hovered after a -18 Bcf draw in gas storage last week and another storm worry overhung. Large movements on the spreads as winter approaches and noise on Biden banning Fracking.  The  focus is on the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

EIA reported a draw in crude oil of -754kbbl and -1721bbl at Cushing,  gasoline +2180kbbl and distillate draw of -1441kbbl. US production rose at 11000 kbpd as storm production returned, still off record high of 13.10 mbpd. Oil Futures have reached the highest prices since March 2020.

Natural gas futures fell after a +31 Bcf in gas storage last week and another storm worry overhung. Large movements on the spreads as concerns grow on about Biden banning Fracking.  The  focus is on the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

EIA reported a build in crude oil of +769kbbl with +1200kbbl at Cushing,  gasoline +2611kbbl and distillate draw of -5216kbbl. US production was unchanged at 10900 kbpd as storm production returned, still off record high of 13.10 mbpd. We remain wary of the reports due to hurricane affects.

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