Into The Vortex – EIA Reported Natural Gas Storage Added 89Bcf

EIA reported a near expected build of 89Bcf of working gas in storage which lifted Natural gas futures higher. Europe is moving aggressively to wean itself off Russian natural gas supplies with U.S. exports of liquefied natural gas expected to remain strong for some time. With the global energy crisis LNG exports continue to grow LNG feed gas volumes over 12Bcf hang near record levels despite maintenance projects. However, futures saw a sharp burst of profit taking Friday and the … Continue reading “Into The Vortex – EIA Reported Natural Gas Storage Added 89Bcf”

Around The Barrel – Big Draws in U.S. Crude Oil and Gasoline as SPR Continues To be Emptied

The U.S. continues to drain it’s SPR which have not alleviated product shortages and the headline risk around the EU phasing out Russian oil by year end. EIA reported US Crude last week drew -3394Kbbl (incl: -2403K Draw at Cushing). Gasoline stocks drew -4779kbbl. Utilization rose -1.80% to 89.4%. Production -100k to 11,800 kbpd. East Coast diesel and heating oil inventories at fresh 32-year low (only data since 1990). The pricing hub of New York Harbor is virtually dry as … Continue reading “Around The Barrel – Big Draws in U.S. Crude Oil and Gasoline as SPR Continues To be Emptied”

Into The Vortex – EIA Reported Natural Gas Storage Grew 76Bcf

EIA reported a near expected build of 76 Bcf of working gas in storage saw Natural gas futures shrugged off the news and surge to near a 14-year high. Europe is moving aggressively to wean itself off Russian natural gas supplies with U.S. exports of liquefied natural gas expected to remain strong for some time. With the global energy crisis LNG exports continue to grow LNG feed gas volumes over 12 Bcf hang near record levels despite maintenance projects. However, … Continue reading “Into The Vortex – EIA Reported Natural Gas Storage Grew 76Bcf”

Around The Barrel – US Crude Oil Strategic Reserves Falls at Record Pace to Lowest Since May 2001

Oil prices have continued to chop over $100 WTI as the U.S. continues to drain it’s SPR which have not alleviated product shortages and the headline risk around the EU phasing out Russian oil by year end. East Coast diesel and heating oil inventories at fresh 32-year low (only data since 1990). The pricing hub of New York Harbor is virtually dry. Oil prices continue to fluctuate with geopolitical elements and demand headwinds such as soaring interest rates, China’s COVID … Continue reading “Around The Barrel – US Crude Oil Strategic Reserves Falls at Record Pace to Lowest Since May 2001”

Into The Vortex – EIA Reports Natural Gas Storage Builds 77Bcf as Futures Scream Higher

EIA reported a higher-than-expected build of 77 Bcf of working gas in storage saw Natural gas futures shrugged off the news and surge to near a 14-year high. Europe is moving aggressively to wean itself off Russian natural gas supplies with U.S. exports of liquefied natural gas expected to remain strong for some time. With the global energy crisis LNG exports continue to grow LNG feed gas volumes over 12 Bcf hang near record levels despite maintenance projects. However, futures … Continue reading “Into The Vortex – EIA Reports Natural Gas Storage Builds 77Bcf as Futures Scream Higher”

Around The Barrel – US Crude Oil Builds as Gasoline and Distillate Draw Again

Oil prices have been reacting to product shortages and the headlines around the EU phasing out Russian oil by year end. The EIA reported distillates stocks are at 14yr low as demand for jet fuel and diesel take off. Padd 1 diesel inventories are at 25-year lows. Oil prices continue to fluctuate with geopolitical elements and demand headwinds such as soaring interest rates, China’s COVID lockdowns, SPR releases consequences deepening all in the price matrix. SPR lowest in 20 years. … Continue reading “Around The Barrel – US Crude Oil Builds as Gasoline and Distillate Draw Again”

Into The Vortex – EIA Reports Natural Gas Storage Grew +40Bcf

With the global energy crisis LNG exports continue to grow LNG feed gas volumes over 12 Bcf hang near record levels despite maintenance projects. Natural gas prices continue to chop near the midpoint of the recent range after reversing sharply after touching a high not seen since November 2008 of $8.065, back to $6.5 in the benchmark Henry Hub contract and then to $7.20. EIA reported a lower than expected lower-than-expected build of 40 Bcf of working gas in storage. … Continue reading “Into The Vortex – EIA Reports Natural Gas Storage Grew +40Bcf”

Around The Barrel – US Distillate Fuel Oil Stocks at 14yr Lows

The EIA reported distillates stocks are at 14yr low as demand for jet fuel and diesel take off. Padd 1 l diesel inventories at 25-year lows. Oil prices continue to fluctuate with geopolitical elements and demand headwinds such as soaring interest rates, China’s COVID lockdowns, SPR releases consequences deepening all in the price matrix. SPR lowest in 20 years. EIA reported US Crude last week drew -8020bbl (incl: +1298K Build at Cushing). Gasoline stocks drew -1573kbbl. Utilization fell -0.70% to … Continue reading “Around The Barrel – US Distillate Fuel Oil Stocks at 14yr Lows”

Into The Vortex – EIA Reports Natural Gas Storage Grew Larger Than Expected 53Bcf

Natural gas prices have been correcting around $6.8 Btu after spiking to over $8.0 Btu in the benchmark Henry Hub contract, prices not seen since November 2008. EIA reported a larger than expected lower-than-expected build of 53 Bcf of working gas in storage. With the global energy crisis LNG exports continue to grow but we balance supply shortages with deliverability. A tightening backdrop in the natural gas market, unrelenting export demand highlighted by Germany’s dependance on Russian supplies and its … Continue reading “Into The Vortex – EIA Reports Natural Gas Storage Grew Larger Than Expected 53Bcf”

Around The Barrel – US Crude Oil Draws -8.02 Billion Barrels Reverses Last Week’s +9.38Bbbls Build

Oil prices volatility continues with news bombs galore, SPR releases, rising interest rates and Covid shutdowns in China and the Russian Ukraine war consequences deepening all in the price matrix. Distillates stocks near 8yr low as demand for jet fuel and diesel took off. SPR lowest in 20 years. EIA reported US Crude last week drew -8020bbl (incl -180kbbl Draw at Cushing). Gasoline stocks drew -761kbbl. Utilization rose 1.00% to 90.2%. Production rose +100k at 11,900 kbpd. Around The Barrel Contents … Continue reading “Around The Barrel – US Crude Oil Draws -8.02 Billion Barrels Reverses Last Week’s +9.38Bbbls Build”