Natural gas futures weaknesses continued, MEX HH January natural gas futures fell -3.83% after retreating -10.5% and -7.34% the previous fortnight. Prices are hit by warm forecasts for early December, speculative ETF loss selling, oversupply and a delay on new LNG facilities. We have seen contract lows as both the GFS & ECMWF models trended significantly warmer. Natural gas storage continues to grow in the U.S. with EIA reporting a draw of -117 Bcf in storage last week when the … Continue reading “Into the Vortex – Natural Gas Traders Outlook for The Week Ahead”
Around The Barrel – Crude Oil and Traders Outlook for The Week Ahead
Prices having declined for the seventh straight week at settle, the longest since 2021 despite the geopolitical risks in the Middle East. WTI oil futures closed -3.83% for the week Brent crude down-3.66% for the week. Oil prices continue to fall to test the large option barrier at $70 WTI Prompt futures after the week’s storage report. EIA reported a crude draw of -4.633Mbbls. Gasoline stocks rose +5.420Mbbls and distillate rose +1.267M Mbbls in inventories. Refinery utilization rose +0.7% to … Continue reading “Around The Barrel – Crude Oil and Traders Outlook for The Week Ahead”
Into the Vortex – US Natural Gas Storage Draws More Than Consensus -177 Bcf Last Week
Natural gas storage continues to grow in the U.S. with EIA reporting a draw of -117 Bcf in storage last week when the consensus was for a draw of -106Bcf. For perspective in the same week last year stocks were -30Bcf, with a five-year (2017-2021) average -48Bcf. Natural gas prices have been continuing their retreat as more bearish news continues to fall, the latest a delay on new LNG facilities. This week NYMEX HH January natural gas futures are down … Continue reading “Into the Vortex – US Natural Gas Storage Draws More Than Consensus -177 Bcf Last Week”
Around The Barrel – Crude Oil Draws -4.633Mbbls, But Doesn’t Offset Products Storage Builds
Oil prices continue to fall to test the large option barrier at $70 WTI Prompt futures after the week’s storage report. Prices having declined for the sixth straight week at settle, the longest since 2021 despite the geopolitical risks in the Middle East. EIA reported a crude draw of -4.633Mbbls. Gasoline stocks rose +5.420Mbbls and distillate rose +1.267M Mbbls in inventories. Refinery utilization rose +0.7% to 89.6%. The WTI Futures Hub at Cushing stocks bounce off the lowest level since … Continue reading “Around The Barrel – Crude Oil Draws -4.633Mbbls, But Doesn’t Offset Products Storage Builds”
Into the Vortex – US Natural Gas Storage Builds +20 Bcf Versus Consensus -9 Bcf Draw
Natural gas storage continues to grow in the U.S. with EIA reporting a build of 10 Bcf in storage last week when the consensus was for a draw of 9. This was the highest going back to 2010 for this week. For perspective in the same week last year stocks were -80Bcf, with a five-year (2017-2021) average -44Bcf. We are around the second highest season-ending inventory level for the past five years, 2020’s 3958Bcf the highest. Salt Dome Cavern stocks … Continue reading “Into the Vortex – US Natural Gas Storage Builds +20 Bcf Versus Consensus -9 Bcf Draw”
Around The Barrel – Large Gasoline and Distillate Builds as Refineries Come Out of Maintenance.
EIA reported a crude build of $1.854M which followed last week’s +8.701Mbbls to the highest since July with no major reductions in fuel stocks to counter as more refineries come out of maintenance. Crude export and production held steady with gasoline demand (4-wk avg.) declining by 0.1mb/d to 8.8 mb/d.. Gasoline stocks rose +1.764Mbbls and distillate rose +5.217M Mbbls in inventories. Refinery utilization rose +2.80% to 88.9%. The WTI Futures Hub at Cushing stocks bounce off the lowest level since … Continue reading “Around The Barrel – Large Gasoline and Distillate Builds as Refineries Come Out of Maintenance.”
Into the Vortex – US Natural Gas Storage Draws -7 Bcf Last Week Heading into Thanksgiving
EIA reporting a higher-than-expected draw of -7 Bcf in storage. However, for perspective in the same week last year stocks were -60Bcf, with a five-year (2017-2021) average -53Bcf. Salt Dome Cavern stocks fell -1Bcf after rising 19Bcf last week. We are around the second highest season-ending inventory level for the past five years, 2020’s 3958Bcf the highest. Natural gas futures continued lower heading into Thanksgiving. Benchmark NYMEX futures closed down for the week -2.40% after being down -14.10% the prior … Continue reading “Into the Vortex – US Natural Gas Storage Draws -7 Bcf Last Week Heading into Thanksgiving”
Around The Barrel – Crude Oil Storage Builds Another +8.701Mbbls, Back to July Highs
EIA reported a crude build of +8.701Mbbls to the highest since July with no major reductions in fuel stocks to counter. The WTI Futures Hub at Cushing stocks rose off the lowest level since October 2014 with a build of +0.858Mbbls. Domestic US oil production figures was unchanged at an all-time high 13.2mbpd. Gasoline stocks rose +0.749Mbbls and distillate fell -1.018Mbbls in inventories. Refinery utilization rose 0.90% to 86.1%. A 0.5mb/d drop in mogas demand lowers the 4-wk avg. by … Continue reading “Around The Barrel – Crude Oil Storage Builds Another +8.701Mbbls, Back to July Highs”
Into the Vortex – US Natural Gas Storage Builds More Than Expected +60Bcf Last Week
Last week EIA reported a higher-than-expected build of 60 Bcf in storage. In the same week last year stocks were +66Bcf, with a five-year (2017-2021) average +20Bcf. Salt Dome Cavern stocks Rose 19Bcf. The catalysts include a record 103.1 bcfd production, reduced exports to Mexico to 6.9 bcfd. The season’s expected cold blast had lifted Natural gas futures off lows after timely frigid late November forecasts. Benchmark NYMEX futures sold off all last week, just natty being natty they say, … Continue reading “Into the Vortex – US Natural Gas Storage Builds More Than Expected +60Bcf Last Week”
Around The Barrel – Crude Oil Futures Pressured by More Builds in US Crude Stocks
Crude oil futures US crude futures slide continues with WTI Crude oil settling at $76.66 just above lows, down $1.60 or 2.04% on the day after today’s EIA storage report. Total commercial stocks while flat last week the prior week confirmed an even larger build than the huge API build. The price action has dented bullish speculators hopes after it settled at $77.17 Friday, up $1.43 or 1.89% on the day rallying with a war premium into the weekend, but … Continue reading “Around The Barrel – Crude Oil Futures Pressured by More Builds in US Crude Stocks”