Oil & Energy

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EIA Inventory report a huge build in crude oil inventories when a draw was expected. Gasoline drew and distillates showed bigger builds with production rising after falling for two weeks in a row. 

Devon Energy announced the sale of non-core Dellaware basin assets after the market close Tuesday to Carrizo Oil and Gas, $CRZO will pay $DVN $215 million and plans to fund the purchase price with net proceeds from an equity offering.

The OPEC Monthly Oil Market Report (MOMR) for August released Monday 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 rose by 10 this week with rigs up 5 in the Periman. U.S. oil production fell for the second week in a row from the all time high of 11 million bpd. Bottlenecks remain in the Midland Texas area.

The EIA reported a lower than expected build of +46 Bcf in natural gas storage this week. Prompt Henry Hub Futures also trades higher at the week over 2.95 btu, weekend weather will be the determining factor..

EIA Inventory report this week showed a smaller draw after last week's build, The releases and estimates and completely out of whack the past month or so. Gasoline and distillates showed bigger builds with production falling for the second week in a row. 

The U.S. have talked up the American energy sector and exports. With natural gas demand surging in China with higher coal prices on high industrial and winter heating consumpton the bet was  China would leave LNG alone in the trade war, they were wrong. What next?

Saudi Aramco announced Saturday it will resume immediately oil shipments through the Bab el-Mandeb strait that had been suspended since July 25 after two Saudi VLCCs were attacked by Yemeni Houthi militia.

U.S. oil rigs in service fell by 2 this week with rigs flat in the Periman. U.S. oil production actually fell this week from the all time high of 11 million bpd. Bottlenecks remain in the Midland Texas area.

The EIA reported a lower than expected build of +35 Bcf in natural gas storage last week. Prompt Henry Hub Futures failed higher and still sit listlessly under 2.80 btu. June was the 3rd warmest in history.

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