Oil & Energy

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The EIA reported a huge draw in crude of -9499k bbls higher than the -8129k API reported. Cushing showed a smaller draw of -310k bbls. US production rose again in the shale revolution now just 100k off the record high to 12.30 mbpd.

EIA reporting a larger than expected build of +89 Bcf in natural gas storage last week, Ahead we focus on LNG and Mexican exports.

Following OPEC EIA reported a draw in crude of -1085k bbls lower than what API reported. Cushing showed a builld of 652k bbls. US production rose after falling for three weeks in a row in the shale revolution 100k off the record high to 12.20 mbpd.

Following the OPEC meeting decision to hold to existing production cuts Morgan Stanley lowered its long-term Brent price forecast to $60 per barrel down from $65, with $65 the 3 quarter pivot point from $67.5 per barrel previously

Russian President Putin said that ahead of the OPEC+ meeting in Vienna that Russia and Saudi Arabia have agreed to extend the existing production cuts for another 6=9 months.  The U.S. is near record productions and exports. The cuts promised are at 1.2 bpd by OPEC and Non-OPEC.

The U.S. added back 4 oil rigs to service as U.S.oil production fell again off it's all time high to 12.10 million bpd. US Natural gas rigs fell 4. Canadian natural gas rose 1 and oil rigs rose 4.

With world leaders heading to Japan and an OPEC meeting next week the WSJ reports Iran warned Thursday that if the 2015 nuclear agreement unravels, it would follow North Korea and quit a treaty aimed at stopping the spread of nuclear weapons.

New recent futures lows but under +100 Bcf this week with the EIA reporting as expected build of +98 Bcf in natural gas storage last week, Ahead we focus on LNG and Mexican exports.

Heading into G20 EIA reported a draw in crude of  12788k bbls higher than what API reported. Cushing showed a draw of 1746k bbls.. US production actually fell for the third week in a row this week in the shale revolution another100k off the record high to 12.10 mbpd.

The U.S. added another rig to service, another 4 down in Texasn as U.S.oil production fell again off it's all time high to 12.20 million bpd. US Natural gas rigs frose 1. Canadian natural gas rose 2 and oil rigs rose 11.

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