Oil & Energy

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The OPEC Monthly Oil Market Report (MOMR) for September released Monday 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.

WTI Oil futures volatility continued as China sold SPR and EIA reported crude drew -1528kbbl (incl +1918kbbl build at Cushing, off lows since Jan 2020). Gasoline stocks drew -7215kbbl,  Utilization fell -9.4% to 81.9%. Production -1500k to 10,000 kbpd.

Natural gas futures ran over $5 after EIA reported a build of +52 Bcf of working gas in storage. 77.3% of natural gas production in the Gulf of Mexico is still shut-in. Output was already trailing consumption with elevated demand from both Europe and Asia for U.S. exports of LNG.

Natural gas futures ran higher after EIA reported a much less than expected build of +20 Bcf of working gas in storage. Option flows and fall out from Ida coupled with storage is being driven by unusually low renewable generation with a watchful eye on wind.

WTI Oil futures volatility continued with Ida & OPEC as EIA reported crude drew  -7169kbbl (incl +836kbbl build at Cushing, near lowest since Jan 2020). Gasoline stocks build 1290kbbl,  Utilization rose -1.1% to 91.3%. Production +100k to 11,500 kbpd.

WTI Oil futures recovered from recent onslaught as EIA reported crude drew  -2980kbbl (incl +70kbbl build at Cushing, near lowest since Jan 2020, Midwest crude stocks lowest since Oct 2018). Gasoline stocks fell -2241kbbl,  Utilization rose 0.2% to 92.4%. Production +100k to 11,300 kbpd.

Natural gas futures ran higher after EIA reported a much less than expected build of +29 Bcf of working gas in storage. Storage is being driven by unusually low renewable generation with a watchful eye on wind.

The EIA reported a build of +46 Bcf of working gas in storage. Reclassifications from base to working gas saw increased working gas stocks of 4 Bcf in South Central nonsalt region. The implied flow is an increase of 42 Bcf to working gas stocks

WTI Oil futures continued to fall with Delta and White House discontent.  EIA reported crude drew  -3233kbbl (incl -980kbbl draw at Cushing, lowest since Jan 2020, Midwest crude stocks lowest since Oct 2018). Gasoline stocks fell -1401kbbl,  Utilization rose 0.4% to 92.2%. Production +100k to 11,300 kbpd.

Norway's, Bermuda based Golar LNG Limited is evaluating alternatives for a separation of their shipping segment. This is based on the current positive market outlook for LNG carriers. It would allow investors exposure to a pure-play LNG shipping company.

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