Oil & Energy

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The market was surprised last week after EIA reported a far less than expected draw of -11 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.

Gasoline demand was the strongest since the pandemic this pass week. EIA reported a build in crude of + 2396 kbbl (including a -624kbbl draw at Cushing). Gasoline grew +472kbbl and Utilization recovered another 7.1%% to 75.1%. Production unchanged at 10,900 kbpd

The big freeze from the arctic blast knocked out more than 18 of the Texas refineries just a month ago. For these refineries it has been a battle to repair and restart. 16 of those 18 plants shut by freeze have started some or all units. In that time demand has risen and already some are able to run at full rates on better margins.

The market was surprised last week after EIA reported a far less than expected draw of -52 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.

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

WTI Crude oil surged to the highest prices since 2019 after OPEC and MidEast impacts. EIA reported post storm anomalities with a massive build in crude of + 13798 kbbl (including a 526kbbl build at Cushing). Gasoline drew -11869kbbl and Utilization recovered 13% to 68.0%. Production rose to 10,900 from 10,000 kbpd last week

The EIA reported a far less than expected draw of -98 Bcf in gas storage last week following extreme cold weather which warmed up faster than many expected leaving production largely unaffected. Henry Hub natural gas futures have been slowly falling since the artic storm peak. The focus is on the coronavirus effect on reopening, LNG and Mexican exports and the extreme winter outlook for the US.

The focus is on OPEC after last week's arctic blast, The EIA reported a massive build in crude of +1285 kbbl (including a 2807kbbl build at Cushing). Gasoline drew -13624kbbl with refinery usage at just 56%  affected by the winter storm. Distillate drew -9719kbbl. Production rose to 10,000 from 10,800 kbpd last week.

Extreme weather hit the US this past week, with basis settlements for the weekend showing extreme price squeezes. Henry Hub natural gas futures show little fear after a less than expected draw of -338 Bcf in gas storage last week and demand changes as the polar vortex takes hold. The focus is on the coronavirus effect on reopening, LNG and Mexican exports and the extreme winter outlook for the US.

The Artic Blast hitting Texas saw production fall to 9,700 from 10,800 kbpd last week and Utilization down 14.5% to 68.80%. The EIA reported a build in crude of +1285 kbbl (including-_2807kbbl build at Cushing). Gasoline grew just +12kbbl despite the low refinery usage. Distillate drew -4969kbbl. WTI oil futures hit $63.20 after the report.

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