Oil & Energy

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US crude exports could take big hit from Hurricane Laura, which is already a Category 4. Argus media reports  Laura is set to make landfall near The Port of Beaumont, Texas, later Wednesday. This is the third top port hub for American crude exports. 

Energy markets focused on dual Hurricanes heading into the Gulf of Mexico. EIA reported a draw in crude oil of -4689kbbl, a draw of  -279kbbl at Cushing.  Draw in gasoline -4583kbbl. US production was at 10,800 mbpd, off record high of 13.10 mbpd. 

Natural gas futures rose after near expected build of +43 Bcf in natural gas storage last week as heat continued to hit record highs temps. . The  focus is on the gulf weather and the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

EIA reported a draw in crude oil of -1632kbbl, a draw of  -607kbbl at Cushing with large draws on the Gulf Coast for largest 4 weeks pull ever.  Draws in gasoline -3322kbbl and a small distillate build  of +152kbbl. US production was at 10,700 mbpd, off record high of 13.10 mbpd. 

Natural gas futures rose after near expected build of +58 Bcf in natural gas storage last week. The  focus is on the gulf weather and the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

EIA reported a larger than expected draw in crude oil of -4512kbbl, a build of +1336 kbbl at Cushing with large draws on the Gulf Coast for largest 3 weeks pull ever.  Draws in gasoline -722kbbl and distillates -2322kbbl. US production fell 300 to 10,700 mbpd, off record high of 13.10 mbpd. 

The OPEC Monthly Oil Market Report (MOMR) for August released Wednesday 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.

Natural gas futures waddled after near expected build of +33 Bcf in natural gas storage last week. The  focus is on the gulf weather and the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

EIA reported a larger than expected draw in crude oil of -7373kbbl, a build of +532 kbbl at Cushing.with builds in gasoline +419kbbl. and distillates +1591kbbl. US production fell 100 to 11,000 mbpd, off record high of 13.10 mbpd. Futures are reacting to risk off and lockdown demand.

The U.S. oil rigs in service fell back to the all time low after last week rising for the first week since March 13. Crude production remain unchanged at 11.100kbpd. Natural gas rigs rose 1 in the US.

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