Oil & Energy

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WTI Oil Futures rallied hard after EIA reported a draw in crude of -5890 kbbl (including a 346kbbl build at Cushing).  Gasoline stocks rose  +309kbbl and Utilization recovered another 1% to 85.0%. Production rose 100k to 11,000 kbpd.

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

The EIA reported a less than expected build of +20 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.

Post OPEC EIA reported a draw in crude of -3522 kbbl (including a -735kbbl draw at Cushing).  Gasoline stocks rose  +4044kbbl and Utilization recovered another .1% to 84.0%. Production fell 200k to 10,900 kbpd.

EIA STEO raised its forecast for 2021 world oil demand up 180,000 up to 5.5M.  In 2022 it sees world oil demand to decrease by 180K to 3.65M BPD. At the same time sees crude oil output in 2021 to fall 270K to 11.04M  and t in 2022 unchanged increase by 820K to 11.86M.

EIA STEO expects U.S. consumption of natural gas will average 82.9 billion cubic feet per day (Bcf/d) in 2021, down 0.4% from 2020. The decline in U.S. natural gas consumption is a result of less natural gas consumed for electric power generation because of higher natural gas prices compared with last year.

The EIA reported a less than expected build of +14 Bcf in gas storage 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.

Heading into JMMC EIA reported a draw in crude of -876 kbbl (including a 782kbbl build at Cushing). In a volatile week specs bought WTI to 393k, a fresh 32-month high just ahead of a sharp fall in prices. Gasoline demand continues to grow. Gasoline stocks fell -876kbbl and Utilization recovered another 2.3% to 82.9%. Production rose 100k to 11,100 kbpd

The EIA reported a more than expected draw of -36 Bcf in gas storage 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.

EIA reported another build in crude of + 1912 kbbl (including a 203kbbl build at Cushing). In a volatile week specs bought WTI to 393k, a fresh 32-month high just ahead of a sharp fall in prices. Gasoline demand continues to grow. Gasoline stocks fell -1935kbbl and Utilization recovered another 5.5% to 80.6%. Production rose 100k to 11,000 kbpd

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