Oil & Energy

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With Hurricane Barry in focus the EIA reported a draw in crude of -3166k bbls but big draws in gasoline and distillates. Cushing showed a draw of -1351k bbls. US production fell on the Barry shutdowns 300k - still just 400k off the record high of 12.40 mbpd.

Ahead of Hurricane Barry the U.S. took off 4 oil rigs to service, with 11 off in the Permian and Eagle Ford Basins. U.S.oil production rose to be just 100k off it's all time high at 12.30 million bpd. US Natural gas rigs fell 2. Canadian natural gas fell 8 and oil rigs rose 5

With Hurricane Barry in focus EIA reporting a larger than expected build of +81 Bcf in natural gas storage last week, Ahead we focus on LNG and Mexican exports. LNG Exports hit a new high this week as hub Futures climbed 10% off the low.

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

The EIA reported a huge draw in crude of -9499k bbls higher than the -8129k API reported. Cushing showed a smaller draw of -310k bbls. US production rose again in the shale revolution now just 100k off the record high to 12.30 mbpd.

EIA reporting a larger than expected build of +89 Bcf in natural gas storage last week, Ahead we focus on LNG and Mexican exports.

Following OPEC EIA reported a draw in crude of -1085k bbls lower than what API reported. Cushing showed a builld of 652k bbls. US production rose after falling for three weeks in a row in the shale revolution 100k off the record high to 12.20 mbpd.

Following the OPEC meeting decision to hold to existing production cuts Morgan Stanley lowered its long-term Brent price forecast to $60 per barrel down from $65, with $65 the 3 quarter pivot point from $67.5 per barrel previously

Russian President Putin said that ahead of the OPEC+ meeting in Vienna that Russia and Saudi Arabia have agreed to extend the existing production cuts for another 6=9 months.  The U.S. is near record productions and exports. The cuts promised are at 1.2 bpd by OPEC and Non-OPEC.

The U.S. added back 4 oil rigs to service as U.S.oil production fell again off it's all time high to 12.10 million bpd. US Natural gas rigs fell 4. Canadian natural gas rose 1 and oil rigs rose 4.

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