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U.S. oil rigs in service rose two this week as U.S. oil production remained at an all time high of 11 million bpd. Canadian oil wells fell 2 to offset. Bottlenecks remain in the Midland Texas area.
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The EIA reported a higher than expected build of +70 Bcf in natural gas storage last week. Prompt Henry Hub Futures fell off on the report. Meanwhile Mexican exports are hitting a record high but LNG was lower this week.
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- Category: Energy
EIA Inventory reported a larger draw in crude oil inventories this week. Both gasoline and distillates showed bigger draws with production at all time highs.
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When you think of geopolitical risks to oil prices the first thought is the Strait of Hormuz and rising tension between the US and Iran. However the Straight of Malacca is the second major chokepoint risk in terms of volumes.
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The Suez Canal and SUMED pipeline choke points affected oil prices during the Arab Spring when oil prices were over $100 and at a speculators zenith. The two routes account for around nine percent of the world’s daily seaborne oil.
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The Strait of Bab el-Mandeb is a key route for oil and gas from the Middle East that can be disrupted and affect the price of crude oil if choked off. Saudi Arabia has temporarily halted all oil shipments through the waterway in the past.
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Transportation of oil and gas from the Middle East can be disrupted if any of the routes are disrupted which can affect the price of crude oil in particular if they are choked off. The Strait of Hormuz is the major choke point.
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U.S. oil rigs in service fell nine this week as U.S. oil production rose again to the all time high of 11 million bpd. Canadian oil wells rose 12 to offset. Bottlenecks remain in the Midland Texas area.
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- Category: Energy
The EIA reported a less than expected build of +48 Bcf in natural gas storage this week. Prompt Henry Hub Futures closed the week around 2.94 btu and haven't ventured far away. Meanwhile Mexican exports are hitting a record high.
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- Written by TradersCom
- Category: Energy
EIA Inventory reported a larger draw in crude oil inventories this week. Both gasoline and distillates showed bigger builds with production rising again for two weeks in a row.
