Around The Barrel – Crude Oil and Gasoline Outlook

WTI Oil futures continued to fall to over 20% since near highs. EIA reporting a crude draw -909Kbbl (incl +1159kbbl build at Cushing). Crude storage near lows seen in 2018. Gasoline stocks grew +4029kbbl,  Utilization rose +0.2% to 88.6%. Production rose +100k to 11,600 kbpd. DOE Weekly Petroleum Status Report via TradersCommunity.com Report Date 12/1/21 Release Time: Wednesday, December 8, 2021 at 10:30 A.M. (ET) Note in bbls *exp = Reuters poll est  adjusted for API shift, except Cushing   … Continue reading “Around The Barrel – Crude Oil and Gasoline Outlook”

Into The Vortex – Natural Gas Outlook

Natural gas futures continue to fall from Panic highs with withdrawal into it’s first weeks. Last week EIA reported a draw of -59Bcf of working gas in storage. U.S. LNG exports of LNG continue to grow with weather pressures continuing globally EIA’s Weekly Gas Storage Report. Report Date: 12/2/2021 Via TradersCommunity.com Release Time: Thursday 12/9/2021 10:30 a.m. ET Market Expectations Actual  – Bcf Prior -59 Bcf Consensus Forecast -67 Bcf Cons. Range: -51 to -76 Bcf Last Year: -4 Bcf … Continue reading “Into The Vortex – Natural Gas Outlook”

Into The Vortex – EIA Reports -59Bcf Draw in Natural Gas Storage

Natural gas storage had it’s second withdrawal of the season. Last week EIA reported a draw of -59Bcf of working gas in storage. U.S. LNG exports of LNG continue to grow with weather pressures continuing globally EIA’s Weekly Gas Storage Report. Report Date: 11/26/2021 Via TradersCommunity.com Release Time: Thursday 12/2/2021 10:30 a.m. ET Market Expectations Actual  – Bcf Prior -21 Bcf Consensus Forecast -21  Bcf Cons. Range: -51 to -66 Bcf Last Year: -4 Bcf 5 Year Average: -31 Bcf  … Continue reading “Into The Vortex – EIA Reports -59Bcf Draw in Natural Gas Storage”

U.S. Strategic Petroleum Reserve Quick Facts

The American Strategic Petroleum Reserve is a U.S. Government complex of four sites with deep underground storage caverns created in salt domes along the Texas and Louisiana Gulf Coasts.  The SPR is back in focus after the U.S. Department of Energy announced it will release 50 million barrels of oil from the Strategic Petroleum Reserve to lower oil prices. There are four SPR sites in the United States of America  Crude Oil Storage by Site  (as of August 30, 2021) Bryan Mound – … Continue reading “U.S. Strategic Petroleum Reserve Quick Facts”

Into The Vortex – EIA Reports First Withdrawal of Season in Natural Gas Storage

Natural gas storage had it’s first withdrawal of the season. Last week EIA reported a draw of -21Bcf of working gas in storage. U.S. LNG exports of LNG continue to grow with weather pressures continuing globally EIA’s Weekly Gas Storage Report. Report Date: 11/10/2021 Via TradersCommunity.com Release Time: Thursday 11/18/2021 10:30 a.m. ET Market Expectations Actual  -21 Bcf Prior +26 Bcf Consensus Forecast -21  Bcf Cons. Range: -31 to -12 Bcf Last Year: -11 Bcf 5 Year Average: -44 Bcf  … Continue reading “Into The Vortex – EIA Reports First Withdrawal of Season in Natural Gas Storage”

Around The Barrel – Crude Oil Builds With Exports Down & Imports Higher

WTI Oil futures bounced following the US Released SPR ahead of EIA reporting a crude build +1017Kbbl (incl +787kbbl build at Cushing). Crude storage near lows seen in 2018. Gasoline stocks drew -603kbbl,  Utilization rose +0.7% to 88.4%. Production fell to +100k to 11,500 kbpd. DOE Weekly Petroleum Status Report via TradersCommunity.com Report Date 11/17/21 Release Time: Wednesday, November 24, 2021 at 10:30 A.M. (ET) Note in bbls *exp = Reuters poll est  adjusted for API shift, except Cushing   EIA … Continue reading “Around The Barrel – Crude Oil Builds With Exports Down & Imports Higher”

Solar Generation To Rise To 20% From 3% of U.S. electricity By 2050 EIA Forecasts

The EIA nade a series of forecasts for the likely share of solar power for US electricity over the next thirty years. In 2020 solar power accounted for 3% of U.S. electricity generation from all sources. The agency forecasts that solar will account for 20% of U.S. electricity generation in 2050. EIA US Solar Power Projections Solar power accounted for 3% Solar will account for 4% in 2021 5% in 2022. 14% in 2035 20% in 2050 via EIA Electric Power … Continue reading “Solar Generation To Rise To 20% From 3% of U.S. electricity By 2050 EIA Forecasts”

Into The Vortex – EIA Reports Build of 83 Bcf in Natural Gas Storage

Natural gas futures has fallen sharply since retesting $5.80 to $4.80 ahead of  EIA reporting a build of +26Bcf of working gas in storage. U.S. LNG exports of LNG continue to grow with weather pressures continuing globally EIA’s Weekly Gas Storage Report. Report Date: 11/10/2021 Via TradersCommunity.com Release Time: Thursday 11/18/2021 10:30 a.m. ET Market Expectations Actual  +26  Bcf Prior +7 Bcf Consensus Forecast +22 Bcf Cons. Range: +07 to +15 Bcf Last Year: +36 Bcf 5 Year Average: +53 Bcf  … Continue reading “Into The Vortex – EIA Reports Build of 83 Bcf in Natural Gas Storage”

Around The Barrel – Crude Oil and Gasoline Drew as Utilization Rose

WTI Oil futures fell after EIA reported crude draw -2101Kbbl (incl +216kbbl build at Cushing)  Crude storage near lows seen in 2018). Gasoline stocks drew -707kbbl,  Utilization rose +1.2% to 87.7%. Production fell to -100k to 11,400 kbpd. DOE Weekly Petroleum Status Report via TradersCommunity.com Report Date 11/10/21 Release Time: Wednesday, November 17, 2021 at 10:30 A.M. (ET) Note in bbls *exp = Reuters poll est  adjusted for API shift, except Cushing   EIA Exp Prior API Crude -2101k +1400k +1001k … Continue reading “Around The Barrel – Crude Oil and Gasoline Drew as Utilization Rose”

President Biden ‘Blame Game’ Targets US Oil Companies for Illegal Conduct

President Biden in his latest shift of finding blame and solutions for high oil prices on Wednesday sent a letter to the FTC to consider whether “illegal conduct” by large oil and gas companies is pushing up gasoline prices for American consumers. The F.T.C., does have the power to break up large industry players but in reality is unlikely to affect gasoline prices materially any time soon. The move was met with derision by almost anyone around the industry, from … Continue reading “President Biden ‘Blame Game’ Targets US Oil Companies for Illegal Conduct”