Oil & Energy

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U.S. oil rigs in service fell 1 this week, with 4 coming off in Texas as U.S.oil production  rose again to 11.20 million bpd. US Natural gas rigs were unchanged. Oil rigs also fell n Canada. Bottlenecks remain in the Midland Texas area.

The EIA reported a build of +58 Bcf in natural gas storage this week. Meanwhile Mexican exports near record high as we watch LNG shipments.  

EIA reported another huge build in crude oil and a big draw in gasoline inventories last week.  Production was up at 11.2 mbpd. Crude oil futures have fallen over $10 since the Iran ramp up spruiked by banker analysts.

U.S. oil rigs in service rose 2 this week to a new cycle high as U.S.oil production  unchanged at 10.90 million bpd due to hurricanes. US Natural gas rigs fell 1. Oil and gas rigs rose in Canada. Bottlenecks remain in the Midland Texas area.

The EIA reported a build of +58 Bcf in natural gas storage last week. Meanwhile Mexican exports near record high as we watch LNG shipments.  Reclassification is of implied flow for the week is an injection of 63 Bcf to working gas stocks in the Lower 48 states.

EIA reported another huge build in crude oil and a big draw in gasoline inventories this week.  Production was unchanged at 10.9 mbpd. Crude oil futures have fallen over $10 since the Iran ramp up spruiked by banker analysts.

The expected startup of Plains All American’s expanded Sunrise Pipeline in early November will ease constraints on the oil bottleneck in the Permian Basin adding near 500,000 bpd capacity, seeing WTI Midland’s discount collapse to just $2.50 per barrel,

With concerns for a winter shortage of natural gas in China, Sinopec's trading arm, Unipec Asia is in talks to buy more LNG from the Exxon Mobil operated Papua New Guinea (PNG) project Reuters reported.

U.S. oil rigs in service rose 4 this week to a new cycle high as U.S.oil production  fell to 10.90 million bpd due to hurricanes. US Natural gas rigs also rose. Oil rigs fell in Canada. Bottlenecks remain in the Midland Texas area.

The EIA reported a build of +81 Bcf in natural gas storage this week. Prompt Henry Hub Futures have traded over $3.30 in the front on colder weather. Meanwhile Mexican exports near record high as we watch LNG shipments. 

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