Oil & Energy

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The EIA reported a lower than expected build of +46 Bcf in natural gas storage this week. Prompt Henry Hub Futures also trades higher at the week over 2.95 btu, weekend weather will be the determining factor..

EIA Inventory report this week showed a smaller draw after last week's build, The releases and estimates and completely out of whack the past month or so. Gasoline and distillates showed bigger builds with production falling for the second week in a row. 

The U.S. have talked up the American energy sector and exports. With natural gas demand surging in China with higher coal prices on high industrial and winter heating consumpton the bet was  China would leave LNG alone in the trade war, they were wrong. What next?

Saudi Aramco announced Saturday it will resume immediately oil shipments through the Bab el-Mandeb strait that had been suspended since July 25 after two Saudi VLCCs were attacked by Yemeni Houthi militia.

U.S. oil rigs in service fell by 2 this week with rigs flat in the Periman. U.S. oil production actually fell this week from the all time high of 11 million bpd. Bottlenecks remain in the Midland Texas area.

The EIA reported a lower than expected build of +35 Bcf in natural gas storage last week. Prompt Henry Hub Futures failed higher and still sit listlessly under 2.80 btu. June was the 3rd warmest in history.

EIA Inventory report showed a surprise build after last week's draw, the releases and estimates and completely out of whack the past month or so. Gasoline showed a draw also with production falling for the first time in over 6 weeks.

Australian mining giant BHP announced it will sell its U.S. shale assets to Britain's oil major BP for $10.5 billion.  BHP about a year ago said it would sell them after it had determined "are non-core and we are actively pursuing options to exit these assets for value".

U.S. oil rigs in service were higher by 3 this week with rigs taken up in the Periman. U.S. oil production hit another all time high of 11 million bpd. Schlumberger reported a massive 45% gain in North American Revenue for the June Quarter. Bottlenecks remain in the Midland Texas area.

The EIA reported a lower than expected build of +24 Bcf in natural gas storage this week. Excitment comes from pipeline repairs and heat and storms, but only in the vernacular it seems. June was the 3rd warmest in history.

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