Oil & Energy

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Heading into the end of 2020 natural gas futures have fallen hard after a smaller draw than expected of -130 Bcf in gas storage last week and demand changes as winter takes hold. The focus is on the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

OPEC surprised this week ahead of EIA reporting a draw in crude of -8010kbbl but large product builds and +792kbbl build at Cushing. Gasoline grew +4519kbbl and a build with distillate +6390kbbl. US production unchanged at 11000 kbpd, still off record high of 13.10 mbpd. Oil Futures reached the highest prices since March 2020. 

Heading into the end of 2020 natural gas futures have fallen hard after a smaller draw than expected of -114 Bcf in gas storage last week and demand changes as winter takes hold. 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 and gasoline as we head into year end. Crude oil drew -6065kbbl with a small build of +27kbbl at Cushing. Products showed a draw with gasoline -1192kbbl and a build with distillate +3095kbbl. US production unchanged at 11000 kbpd, still off record high of 13.10 mbpd. Oil Futures reached the highest prices since March 2020.

Natural gas futures fell after a smaller draw than expected of just -152 Bcf in gas storage last week. Large movements on the spreads as winter approaches. 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 and products as we head into year end. Crude oil drew 562kbbl with draws of 26kbbl at Cushing. Products had draws with gasoline -1125kbbl and distillate -2325kbbl. US production unchanged at 11000 kbpd, still off record high of 13.10 mbpd. Oil Futures reached the highest prices since March 2020.

United States Natural Gas Stocks Change

Natural gas futures rose after into smaller draw than expected of -122Bcf in gas storage last week. Large movements on the spreads as winter approaches. 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 and lower builds in products . Crude oil  drew 3135kbbl with a build of 198kbbl at Cushing. Products had builds again with gasoline +1020kbbl and distillate +167kbbl. US production fell -100k to 11000 kbpd, still off record high of 13.10 mbpd. Oil Futures had reached the highest prices since March 2020.

China's LNG imports could hit a record high in Dec as industrial demand returns Reuters reported sources saying. Domestic gas consumption for early December up 20% year-on-year adding to the LNG demand.

The OPEC Monthly Oil Market Report (MOMR) for December released Monday 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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