Oil & Energy

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The OPEC Monthly Oil Market Report (MOMR) for May released Tuessday 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.

U.S. oil rigs in service fell 2 this week with U.S.oil production just off the all time high of 12.20 million bpd. US Natural gas rigs were unchanged. Oil rigs rose 5 in Canada and Canadian natural gas rigs fell 3 with the freezing weather.

The natural gas injection season is upon us. The EIA reported a build of +85 Bcf in natural gas storage last week, as expected as temperatures stayed are in the hot/cold sweet spot for users. Ahead we focus on LNG and Mexican exports.

EIA reported a surpise draw in crude oil storage of 3963k bbls last week. Gasoline had a draw of 595k bbls with a draw of -159k bbls in distillates last week. The shale revolution continues BUT production fell just 100k off record high of 12.20 mbpd.

The natural gas injection season is upon us. The EIA reported a build of +123 Bcf in natural gas storage last week, as expected as temperatures stayed are in the hot/cold sweet spot for users. Ahead we focus on LNG and Mexican exports.

EIA reported a build in Gasoline for the first time in 11 weeks crude oil storage built 9934k bbls. Gasoline had a build of 917k bbls with a draw of -662k bbls in distillates last week. The shale revolution continues BUT production back up 100k to record high of 12.30 mbpd.

U.S. oil rigs in service fell 20 this week with U.S.oil production back at the all time high of 12.20 million bpd. US Natural gas rigs fell 1. Oil rigs were unchanged in Canada and Canadian natural gas rigs fell 3 with the freezing weather.

The natural gas injection season is upon us. The EIA reported a build of +92 Bcf in natural gas storage last week, as expected as temperatures stayed low after the extreme polar vortex cold. Ahead we focus on LNG and Mexican exports.

EIA reported a build in crude oil storage of 5479k bbls. Gasoline drew -2129k bbls with a draw of -662k bbls in distillates last week. The shale revolution continues BUT production back up 100k to record high of 12.20 mbpd.

U.S. oil rigs in service fell 8 this week with U.S.oil production off 10k bpd from the all time high of 12.20 million bpd. US Natural gas rigs fell 2. Oil rigs rose 1 in Canada and Canadian natural gas rigs fell 1 with the freezing weather.

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