Oil & Energy

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WTI Oil Futures rose after EIA reported a draw in crude of -427kbbl (including a -421kbbl draw at Cushing and a build of 1.9 mbbl in PADD3 (GulfCoast)).  Gasoline stocks rose +378kbbl and Utilization fell 0.4% to 86.1% down from the highest since Pandemic began. Production rose +100kbbl to 11,000 kbpd.

The OPEC Monthly Oil Market Report (MOMR) for May 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.

Natural gas futures reacted mildly after EIA reported a less than expected build of +60 Bcf in gas storage last week. The market is focusing on a milder weather outlook potentially lowering demand and option strikes and hedging levels.

WTI Oil Futures rose after EIA reported a draw in crude of 7990kbbl (including a +254kbbl build at Cushing and a draw of -10,410kbbl in PADD3 (GulfCoast)).  Gasoline stocks rose +737kbbl and Utilization rose 1.1% at 86.5%, highest since Pandemic began. Production unchanged 10,900 kbpd.

Natural gas futures fell after EIA reported a less than expected build of +15 Bcf in gas storage last week. The Midwest saw only 7 Bcf injected and salt storage had a build of 5 Bcf, 11 Bcf lower than the same week last year. These surprises suggest a pre-winter inventory level of 3.3 Tcf or lower.

WTI Oil Futures rose after EIA reported a build in crude of just 90kbbl (including a -722kbbl build at Cushing and a draw of 5.1mbbl in PADD3 (GulfCoast)).  Gasoline stocks rose +92kbbl and Utilization rose 0.4% at 85.4%, highest since Pandemic began. Production fell to 10,900 kbpd.

Natural gas futures ran higher after EIA reported a less than expected build of +38 Bcf in gas storage last week. The focus is on the reopening, LNG and Mexican exports and the summer outlook for the US.

WTI Oil Futures fell after EIA reported a build in crude of  594kbbl (including a -1318kbbl draw at Cushing).  Gasoline stocks rose +85kbbl and Utilization was unchanged at 85.0%. Production unchanged at 11,000 kbpd.

French oil services company TechnipFMC (NYSE: $FTI) (PARIS: $FTI) today announced it has been awarded a significant subsea contract from Brazilian oil company Petrobras (NYSE: PBR) for the Marlim and Voador fields, located offshore Brazil. 

The EIA reported a less than expected build of +61 Bcf in gas storage last week following extreme cold weather which warmed up faster than many expected leaving production largely unaffected. The focus is on the reopening, LNG and Mexican exports and the summer outlook for the US.

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