Oil & Energy

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Natural gas futures languished after EIA reported a higher than expected build of +112 Bcf in natural gas storage last week. Ahead we focus on LNG and Mexican exports and the winter outlook for the US.

The OPEC Monthly Oil Market Report (MOMR) for October released Thursday 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.

EIA reported for the fourth week in a row that crude oil inventories grew,  +2927k bbls with Gasoline and Distillate draws last week. Cushing grew +940k bbls. US production new record high with 12.60 mbpd.

EIA cut it's world oil demand forecasts by 50K Bpd for 2019 and by 100K Bpd for 2020 world oil demand growth. EIA estimates production from OPEC was down 1.6 million b/d from August, the lowest level of OPEC production since November 2003 from disruptions in Saudi Arabia, down 4.0 million b/d from September 2018.

Natural gas futures languished after EIA reported a higher than expected build of +112 Bcf in natural gas storage last week. Ahead we focus on LNG and Mexican exports and the winter outlook for the US.

EIA reported for the third week in a row that crude oil inventories grew,  +3104k bbls with Gasoline and Distillate draws last week. Cushing smaller draw of -201k bbls. US production just off new record high with 12.40 mbpd.

Iran's  energy sector is on high alert to the threat of "physical and cyber" attacks Iranian oil minister Bijan Namdar Zanganeh said on Sunday.Iran continues to deny any link to the attacks on the Saudi Aramco facility two weeks ago,

Non-oil export volumes increased from Iran as it strives to counter US sanctions in the last 6 months. Non-oil exports from Khorassan Razavi including saffron, steel products, construction materials, fruits and plastic products were up 30% in volume.

Feedstock for Saudi petrochemical companies is expected to be back to normal levels by the end of September according to two of the Kingdom's biggest downstream users. This is earlier than expected after the attacks on the Aramco facility a few weeks ago.

Natural gas futures pulled back sharply after EIA reported a much higher than expected build of +102 Bcf in natural gas storage last week. Ahead we focus on LNG and Mexican exports and the winter outlook for the US.

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