Oil & Energy

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WTI Oil futures has parked over $80 for the first time since 2014 as Europe influence impacts. EIA reported crude build +6088Kbbl (incl -1968Kkbbl drsw at Cushing)  Crude storage near lows seen in 2018). Gasoline stocks drew -1958kbbl,  Utilization fell -2.9% to 86.6%. Production +100k to 11,400 kbpd.

Natural gas futures rallied all week towards  the cycle high at $6.466 intraweek high after holding $5.393 on supply shortage fears remaining. U.S. LNG exports of LNG continue to grow. EIA reported a larger build of +81Bcf of working gas in storage.

WTI Oil futures has parked over $80 for the first time since 2014 as Europe influence impacts. EIA reported crude build +6088Kbbl (incl -1968Kkbbl drsw at Cushing)  Crude storage near lows seen in 2018). Gasoline stocks drew -1958kbbl,  Utilization fell -2.9% to 86.6%. Production +100k to 11,400 kbpd.

Natural gas futures rallied all week towards  the cycle high at $6.466 intraweek high after holding $5.393 on supply shortage fears remaining. U.S. LNG exports of LNG continue to grow. EIA reported a larger build of +81Bcf of working gas in storage.

The EIA in their September 2021 Short-Term Energy Outlook (STEO) forecast natural gas inventories ended August 2021 at about 2.9 trillion cubic feet (Tcf, which is 7% lower than the five-year (2016–20) average for this time of year. 

The EIA expect U.S. consumption of natural gas to fall 0.9% from 2020 in part from higher natural gas prices seeing electric power generators switch to coal. They expect U.S. natural gas consumption in 2022 mostly unchanged from 2021 in their September 2021 Short-Term Energy Outlook (STEO).

The energy crisis is ravaging China, as coal prices soar to unseen prices North China’s Inner Mongolia autonomous region have been ordered to boost output by nearly 100 million tons. 72 mines in the three cities There are 72 mines in 3 cities under the directive.

Natural gas supply shortage fears eased with Russia saying they can fill the void after Asian and European markets boosted prices to record levels and pushed U.S. prices higher on U.S. exports of LNG.  EIA reported a build of +118Bcf of working gas in storage.

WTI Oil futures volatility continued as Europe influence impacts and EIA reported crude build +2346kbbl (incl +1548kbbl build at Cushing)  Crude storage near lows seen in 2018). Gasoline stocks grew +3256kbbl,  Utilization rose  1.5% to 89.6%. Production +200k to 11,300 kbpd.

Natural gas is flowing on the Nord Stream 2 (NS2) pipeline that runs from Russia to Germanya after the final section of the system was tied together last month. Volumes are expected to ramp up as the system is commissioned Gazprom said.

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