Into The Vortex – EIA Reports Natural Gas Storage Decreased 151Bcf Last Week

EIA reported a net withdrawal of -151Bcf from storage last week. There was a revision for weeks ending January 13 and January 20 from -91 Bcf to -86 Bcf. Stocks drew -261Bcf in the same week last year with a five-year (2017-2021) average decline of -181Bcf. Salt Dome Cavern stocks added -13Bcf from +3Bcf last week. Milder temperatures bring inventories back in line with the five-year and we have seen US benchmark HH Natural gas futures continue to be in … Continue reading “Into The Vortex – EIA Reports Natural Gas Storage Decreased 151Bcf Last Week”

Around The Barrel – US Crude Oil Stocks Continue to Build, Adding 31.2Mbbls in just 4 Weeks.

The relentless build in US crude oil inventories continued this week with another +4.140Mbbls, bringing the last 4 weeks build to 31.242Mbbls. Stocks have been building rather stoically in 2023, specifically at the Cushing WTI futures Hub. The EIA reported another +2.315M build there, following +4.267Mbbls, +3.646Mbbls and +2.511Mbbls the prior weeks. Gasoline also had another sizeable build of +2.576M following +1.763Mbbls +3.483Mbbls and +4.114Mbbls the prior weeks. Crude builds have been +533Kbbls, +8.408Mbbls and +18.161Mbbls the weeks prior. Futures … Continue reading “Around The Barrel – US Crude Oil Stocks Continue to Build, Adding 31.2Mbbls in just 4 Weeks.”

Into The Vortex – US Natural Gas Stocks Fall -91Bcf Vs Five Year Average -185Bcf

Milder weather continues to ease the withdrawal from US natural gas storage, and therefore prices. EIA reported a net withdrawal of -91Bcf from storage last week. Stocks drew -217Bcf in the same week last year with a five-year (2017-2021) average decline of -185Bcf. Salt Dome Cavern stocks added +3Bcf from +12Bcf last week. Upcoming milder temperatures bring inventories back in line with the five-year and we have seen US benchmark HH Natural gas futures continue to be in the doldrums … Continue reading “Into The Vortex – US Natural Gas Stocks Fall -91Bcf Vs Five Year Average -185Bcf”

EIA Reports WTI Cushing Crude Oil Storage Hub Filling Up Rapidly, +11Mbbls in 3 Weeks.

US crude oil inventories have been building rather stoically in 2023, specifically at the Cushing WTI futures Hub. There was a build +4.267Mbbls this week, following +3.646Mbbls and +2.511Mbbls the prior weeks. Gasoline also had another sizeable build of +1.763Mbbls following +3.483Mbbls and +4.114Mbbls the prior weeks. For crude EIA reported a build of +533Kbbls much lower than the +8.408Mbbls and +18.161Mbbls the weeks prior. Higher futures prices suggest traders appear to be ignoring large US builds and have chosen … Continue reading “EIA Reports WTI Cushing Crude Oil Storage Hub Filling Up Rapidly, +11Mbbls in 3 Weeks.”

Awash with Oil, EIA reports Another Large Crude Build

US crude oil inventories have started 2023 with large builds in Crude and specifically at the Cushing WTI futures Hub. EIA reported a build of +8.408Mbbls which followed +18.161Mbbls the week prior. There was a build of +3.646Mbbls at the Cushing hub following last week’s +2.511Mbbls. Gasoline also had another sizeable build of +3.483Mbbls just under the previous week’s +4.114Mbbls. Traders appear to be ignoring these large builds, despite a risk off movement in equities caught in negative morose from … Continue reading “Awash with Oil, EIA reports Another Large Crude Build”

EIA Reports US Natural Gas Storage Fell -82Bcf as Expected Last Week

The EIA storage reported a net withdrawal of -82Bcf. Stocks drew -203 bcf in the same week last year with a five-year (2017-2021) average decline of -156 bcf. Salt Dome Cavern stocks added +12Bcf from +25Bcf last week. Upcoming milder temperatures bring inventories back in line with the five-year and we have seen US benchmark HH Natural gas futures continue to be in the doldrums testing lower lows. The previous week was the first build the US has recorded in … Continue reading “EIA Reports US Natural Gas Storage Fell -82Bcf as Expected Last Week”

EIA Reports Surprise Natural Gas Storage Build of 11Bcf with Milder Weather

The EIA storage reported as a build of +5Bcf with much milder weather following the arctic freeze, a draw of -15Bcf was the consensus. Stocks drew 157 bcf in the same week last year with a five-year (2017-2021) average decline of 157 bcf. Salt Dome Cavern stocks added +25Bcf from -53Bcf last week. Upcoming milder temperatures bring inventories back in line with the five-year and have seen US benchmark HH Natural gas futures continue to be in the doldrums. Natural … Continue reading “EIA Reports Surprise Natural Gas Storage Build of 11Bcf with Milder Weather”

Massive +18.161Mbbls Crude Oil Build with Refinery Utilization Down and Year End Tax Impact

EIA reported a build of +18.161Mbbls in crude last week, US crude inventories rose by 18.161Mbbls last week (commercial: +18.961Mbbls; SPR: -0.8Mbbls). The private API reported a massive 14.865Mbbl build prior which the market has largely dismissed as the result of either missed data collection or refinery downtime due to the freezing weather event. Gasoline added 4.114M bbl. Refinery utilization rose just +4.5% still well under the fell 12.4% for the week ending 12/31 due to arctic freeze. US total … Continue reading “Massive +18.161Mbbls Crude Oil Build with Refinery Utilization Down and Year End Tax Impact”

Around The Barrel – Crude Oil Builds with Refinery Utilization Down 12.4% Due to Arctic Freeze

EIA reported a build of +1.694Mbbls in crude, gasoline dropped -0.346M bbl. Total oil and fuel exports 10.55MMbpd, production was 100kbbls higher. Refinery utilization fell 12.4% for the week ending 12/31 due to arctic freeze. Weekly refinery runs fell by 2.329mbpd w/w to 13.820mbpd. US total crude oil inventories (both commercial and the Strategic Petroleum Reserve) have fallen to a 36-year low, dropping below the previous bottom set in 2001. US benchmark crude oil futures have sold off since the … Continue reading “Around The Barrel – Crude Oil Builds with Refinery Utilization Down 12.4% Due to Arctic Freeze”

Into The Vortex – EIA Reports Natural Gas Storage Drew -221Bcf After Arctic Freeze

In the last EIA storage release for the 2022 storage was reported as a draw of 221Bcf, much lower than expected. Salt Dome Cavern stocks drew -53Bcf from -17Bcf last week. Upcoming milder temperatures bring inventories back in line with the five-year and have seen US benchmark HH Natural gas futures continue to sell off. Natural gas futures continued to sell off in the new year in Europe, UK and the US on warmer weather and lower industrial demand to … Continue reading “Into The Vortex – EIA Reports Natural Gas Storage Drew -221Bcf After Arctic Freeze”