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”

Exxon Mobil Benefits from Countercyclical Investments Delivering Record Annual Profit

Energy giant ExxonMobil, the largest U.S. oil company, reported better than expected fourth-quarter earnings Tuesday but revenue fell short of estimates. Revenue rose to $95.429 billion from $84.965 billion a year ago, below the $97.345 billion FactSet consensus. XOM delivered its highest-ever annual profit in 2022 fueled by surging oil prices to resurrect it as one of America’s most profitable companies and erase billions of dollars of losses incurred during the pandemic. Exxon reaped the benefits of its countercyclical investments … Continue reading “Exxon Mobil Benefits from Countercyclical Investments Delivering Record Annual Profit”

Baltic Exchange’s Dry Bulk Sea Freight Index Plunge Continues on Subdued Demand

The Baltic Exchange’s dry bulk sea freight index fell on Friday for the ninth straight session, down 11.4% for the week, notching its fifth consecutive weekly decline. The three bulker smaller than capesizes; panamaxes, supramaxes and handysizes all fell again. A seasonal slowdown of cargo movement ahead of the Chinese New Year continues to subdue demand. Ocean freight rates are under pressure to start 2023, with the Baltic Dry Index (BDI) dipping to its lowest level since June 2020 as … Continue reading “Baltic Exchange’s Dry Bulk Sea Freight Index Plunge Continues on Subdued Demand”

Chevron Q4 Earnings Lower Than Expected with Higher CapEx and Lower Volumes

Chevron, the second-largest U.S. oil company after Exxon, on Friday reported Q4 adjusted earnings that missed expectations, while revenues topped forecasts. CVX Q4 net income rose to $6.35B, or $3.33/share, from $5.05B, or $2.63/share, in the year-ago period, but fell from $11.2B in Q3, as $1.1B in write-downs in international oil and gas operations left adjusted earnings short of forecasts. For the full year, Chevron said earnings totaled $35.5B for its highest-ever annual profit, more than double the prior year … Continue reading “Chevron Q4 Earnings Lower Than Expected with Higher CapEx and Lower Volumes”

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”

Baltic Exchange’s Dry Bulk Sea Freight Index Plunges to Two- and Half-Year Lows

The Baltic Exchange’s dry bulk sea freight index fell on Friday for the fourth straight session, down about 4.7% to an over 2-1/2-year low of 764 points. The BDI index lost 19.3%, its fourth consecutive weekly fall. The three bulker smaller than capesizes; panamaxes, supramaxes and handysizes all fell again after plunging last week to levels that have not be seen in two and a half years. The supramax index saw the 21st consecutive day of decreases. A seasonal slowdown … Continue reading “Baltic Exchange’s Dry Bulk Sea Freight Index Plunges to Two- and Half-Year Lows”

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”

Panamaxes, Supramaxes and Handysizes Bulker Shipping Indices Plunge to Two- and Half-Year Lows

The Baltic Exchange’s dry bulk sea freight index fell 16.3% this week, its third consecutive weekly fall after being down 25.4% in the first week of January, its worst in more than a year. The BDI settled at 946 points on Friday, marking its lowest level in two-and-a-half years, having traded above 3,000 points as recently as May 2022. The three bulker smaller than capesizes; panamaxes, supramaxes and handysizes all plunged this week to levels that have not be seen … Continue reading “Panamaxes, Supramaxes and Handysizes Bulker Shipping Indices Plunge to Two- and Half-Year Lows”

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”

China Impact on Shipping Sees BDI Fall to Four Month Low, down 25.4% to Start 2023 

The Baltic Exchange’s dry bulk sea freight index continued where it ended last year off, freight booking cancellations are increasing at Chinese ports of Shanghai and Shenzhen as with factories spluttering with their work forces getting Covid. The BDI fell for the sixth straight session on Friday, falling about 1.4% to a four-month low of 1,130 points, down 25.4% in the first week of January, its worst in more than a year. The fall follows plunging 13.9% in Q4, 2022 and … Continue reading “China Impact on Shipping Sees BDI Fall to Four Month Low, down 25.4% to Start 2023 “