Oil & Energy

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In November's Short-Term Energy Outlook (STEO) the EIA expects oil prices limited by high global oil inventory levels and surplus crude oil production capacity. EIA expects that as global oil demand rises, forecast inventory draws in 2021 will cause some upward oil price pressures.

Natural gas futures rose after the first draw of the season of -36 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 drawin crude oil of -7998kbbl, a build of +936kbbl at Cushing and build in gasoline +1541kbbl and distillate draw of -1585 kbbl. US production fell 600kbpd at 10500kbpd as storm production returned, still off record high of 13.10 mbpd. 

Natural gas futures rose after a lower than expected build of +29 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 +4320 kbbl, a draw of of -422 kbbl at Cushing and draws in gasoline -892kbbl and distillate -4491kbbl. US production rose 120000 kpd at 11100 mbpd as storm production returned, still off record high of 13.10 mbpd. 

Natural gas futures rose after a near expected build of +49 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 draw in crude oil of -1001kbbl, a build of of +975 kbbl at Cushing and a build in gasoline -1829kbbl. US production was down 600 kpd at 9900 mbpd, off record high of 13.10 mbpd. 

Energy storage still distorted from Hurricanes and Covid hit demand. EIA reported a draw in crude oil of -3818kbbl, a build of of +2906 kbbl at Cushing.  Draw in gasoline -1626kbbl. US production was down 500 kpd at 10500 mbpd, off record high of 13.10 mbpd. 

Natural gas futures rose after a near expected build of +46 Bcf in gas storage last week and another storm worry overhung. Large movements on the spreads.  The  focus is on the gulf weather and the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

The OPEC Monthly Oil Market Report (MOMR) for October released Tuesday 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.

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