Oil & Energy

Google Ad

In the June STEO, EIA raised its estimate that 2022 crude oil production will average 11.8 million b/d, up from a forecast average of 11.1 million b/d in 2021. EIA expects rising production will end the persistent global oil inventory draws that have occurred

EIA reported a draw in crude of -5079kbbl (including a +785kbbl build at Cushing) Gasoline stocks grew +1499kbbl and Utilization rose 1.7% to 88.7%  the highest since the Pandemic began. Production fell -200kbbl to 10,800 kbpd.

Natural gas futures popped again over $3.00 this week The EIA reported a near consensus build of +98 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 on Friday were 10.2 bcf, almost double a year ago.

Natural gas futures failed again at $3.00 this week Ther EIA reported a near consensus build of +115 Bcf in gas storage last week, the same as the week prior  The market is focusing on demand. option strikes and hedging levels.

EIA reported a draw in crude of -1662kbbl (including a -1008kbbl draw at Cushing) PADD3 (GulfCoast) gasoline inventory drawing back 2.3mbbl from the Colonial shutdown build. Gasoline stocks drew -1745kbbl and Utilization rose 0.7% to 87.0% back near from the highest since Pandemic began. Production unchanged 11,000 kbpd.

Cabot Oil & Gas and Cimarex on Monday announced a deal to emerge however investors reacted negatively with both stocks falling sharply. $COG closed down 6.8% and $XEC down 7.1%.

The G7 in their communique Friday committed their nations to accelelerate it's transition from coal in a conscious move from fossil to green fuel dependancy. Meanwhile over in China they are building coal capacity, again this shows their clear deference to the G7 

Natural gas futures failed again at $3.00 this week Ther EIA reported a less than expected build of +71 Bcf in gas storage last week, the same as the week prior  The market is focusing on demand.  option strikes and hedging levels.

EIA reported a build in crude of  +1320kbbl (including a -142kbbl draw at Cushing) PADD3 (GulfCoast) gasoline inventory rose a record 5.7mbbl with the Colonial shutdown. Gasoline stocks drew -1963kbbl and Utilization rose 0.2% to 86.3% down from the highest since Pandemic began. Production unchanged to 11,000 kbpd.

Natural gas futures rose after EIA reported a less than expected build of +71 Bcf in gas storage last week. Included a reclassifications from working gas to base gas resulted in decreased working gas stocks of 4 Bcf in the South Central nonsalt region The market is focusing on demand and option strikes and hedging levels.

Google ads