Oil & Energy

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The EIA reported a far less than expected draw of -98 Bcf in gas storage last week following extreme cold weather which warmed up faster than many expected leaving production largely unaffected. Henry Hub natural gas futures have been slowly falling since the artic storm peak. The focus is on the coronavirus effect on reopening, LNG and Mexican exports and the extreme winter outlook for the US.

The focus was on OPEC after last week's artic Blast with the EIA reporting a massive build in crude of +1285 kbbl (including-_2807kbbl build at Cushing). Gasoline drew -13624kbbl with refinery usage at just 56%. Distillate drew -9719kbbl.  Production rose to 10,000 from 10,800 kbpd last week and Utilization down 14.5% to 68.80%.

Extreme weather hit the US this past week, with basis settlements for the weekend showing extreme price squeezes. Henry Hub natural gas futures show little fear after a less than expected draw of -338 Bcf in gas storage last week and demand changes as the polar vortex takes hold. The focus is on the coronavirus effect on reopening, LNG and Mexican exports and the extreme winter outlook for the US.

The Artic Blast hitting Texas saw production fall to 9,700 from 10,800 kbpd last week and Utilization down 14.5% to 68.80%. The EIA reported a build in crude of +1285 kbbl (including-_2807kbbl build at Cushing). Gasoline grew just +12kbbl despite the low refinery usage. Distillate drew -4969kbbl. WTI oil futures hit $63.20 after the report.

With the Artic Blast hitting Texas WTI oil futures hover at the highest prices in over a year. EIA reporting a draw in crude of -7258kbbl (including-3028kbbl draw at Cushing). Gasoline grew +672kbbl and a draw with distillate --3422kbbl. US production fell 200kbpd to 1080000 kbpd, still off record high of 13.10 mbpd.

Extreme weather hit the US this past week, with basis settlements for the weekend showing extreme price squeezes. Henry Hub natural gas futures show little fear after a less than expected draw of -237 Bcf in gas storage last week and demand changes as the polar vortex takes hold. The focus is on the coronavirus effect on reopening, LNG and Mexican exports and the extreme winter outlook for the US.

Henry Hub natural gas futures fell after a less than expected draw of -171 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.

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

For the last week EIA reported a draw in crude of -6645kbbl (including-658kbbl draw at Cushing). Gasoline grew +4259kbbl and a draw with distillate -1732kbbl. US production rose  100kbpd to 11000 kbpd, still off record high of 13.10 mbpd. WTI oil futures hover at the highest prices in over a year, beyond $58bbl

Henry Hub natural gas futures floundered after a near expected draw of -192 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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