Oil & Energy

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With Australia set to be the world's biggest LNG exporter it has left a domestic supply gap with fulfilling export contracts. Australian utility AGL Energy will invest around A$250 million (US$190.9 million) in its LNG import facility off Melbourne to cover future gas supply.

New U.S. oil rigs put into service were higher this week by 2 new rigs as U.S. oil production held at record highs this week.  The rise in production continued with bottlenecks that have hit the Midland price differential.

EIA Inventory report showed larger draw in crude oil and cushing but builds in products. We saw production rise again after oil rigs continue to rise. Crude speculators unwound record length on Russia and KSA in the geopolitical risk matrix.

Natural gas futures failed at a $3.00 stop run over Memorial Day, will we retest it on the report? EIA reported a natural gas storage build of +96 Bcf this week.  Heat and storms are in the vernacular now.

Kinder Morgan and Kinder Morgan Canada struck a deal Tuesday with the Canadian Government to sell the Trans Mountain Pipeline System and its expansion project for C$4.5 billion. The deal includes the pipeline and terminals and ensures the pipeline moves forward.

Oil plummeted Friday after Russia and Saudi Arabia were quoted as increasing production. High oil prices are crucial for Russia's vulnerable economy and the flow on was seen in Russia tracking ETFs which had avoided the emerging-market selling until now. Russia will be more circumspect going forward.

New U.S. oil rigs put into service accelerated higher this week with 15 new rigs as U.S. oil production held at record highs this week.  The rise in production continued with bottlenecks that have hit the Midland price differential but still oil rigs in the Permian rose 11 this week.

Crude oil futures plummeted almost $3 Friday morning ahead of the Memorial Weekend. This follows a bearish EIA Inventory report showing huge builds, soaring gasoline prices with a President who called out OPEC and Russia and Saudi Arabia talking increased production.

Natural gas futures finally bounced out of their doldrums, well 15 cents is big these days. The EIA reported a natural gas storage build of +91 Bcf this week.  Memorial weekend ahead so heat predictions starting to swirl with builds ahead.

The EIA Inventory report showed large builds in crude oil and gasoline this week with WTI climbing over $72 bbl We saw production unchanged and oil rigs continue to rise. Crude speculators are unwinding record length within in a shifting geopolitical risk matrix.

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