Oil & Energy

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The EIA reported a build of +36 Bcf of working gas in storage. Natural gas benchmark futures closed under $4 per mBtu on Friday . European gas markets continue to trade close to highest in over 10 years.  LNG exports and Mexican pipeline transfers were at record high levels in the first half of 2021

WTI Oil futures ended over $73 after EIA reported crude draw of 4089kbbl (incl -1268kbbl draw at Cushing, now at lowest since Jan 2000, Midwest crude stocks lowest since Oct 2018). Gasoline stocks fell -2253kbbl,  Utilization fell 0.3% to 91.1%. Production fell -200kpd to 11,200 kbpd.

The EIA reported a build of +36 Bcf of working gas in storage. Natural gas benchmark futures closed again above $4 per mBtu . European gas markets continue to trade close to highest in over 10 years.  LNG exports and Mexican pipeline transfers were at record high levels in the first half of 2021

WTI Oil futures circled $72 after EIA reported crude draw of 4089kbbl (incl -1268kbbl draw at Cushing, now at lowest since Jan 2000, Midwest crude stocks lowest since Oct 2018). Gasoline stocks fell -2253kbbl,  Utilization fell 0.3% to 91.1%. Production fell -200kpd to 11,200 kbpd.

Royal Dutch Shell, Europe's largest oil company, bought Inspire Energy Capital LLC (Inspire), a US renewable energy residential retailer. $RDS aim to become a net-zero emissions energy business by 2050

U.S. oil rigs in service rose 7 this week with U.S. oil production at 11.40 million bpd and oil prices consolidating between $65 and $75. US Natural gas rigs remained flat. US natural gas prices at 3 year highs and 10 year highs in Europe all eyes are production numbers.

Pipeline Gas exports to Mexico have been rising on rising Mexican demand with insufficient domestic production capability. Costa Azul LNG import terminal conversion has seen even more US gas imported by Mexico.

Natural gas futures broke $3.90 ahead of EIA reporting a near consensus build of +49 Bcf  in gas storage last week. The market is focusing on demand, option strikes and hedging levels. Gas flows to U.S LNG export terminals last Friday were 10.2 bcf, almost double a year ago.

WTI Oil futures had a violent trading week ahead of EIA reporting a build in crude of 2107kbbl (including a -1347kbbl draw at Cushing to lowest since Jan 2000) Gasoline stocks fell 121kbbl and Utilization fell 0.4% to 91.4%. Production unchanged at 11,400 kbpd.

OPEC+ led by Saudi Arabia on Sunday agreed to a request from the United Arab Emirates to ease cuts by 2 mln bpd until year end. UAE, KSA, Russia, Iraq see output quota adjustment. Oil prices are near 2-1/2 year highs on pandemic economic recovery.

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