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”

Baltic Sea Freight Index Higher for Fifth Straight Week Led By capesize index up 36.4%

The Baltic Exchange’s dry bulk sea freight index rose14.2% for the week. The BDI rose the fifth consecutive weekly gain and to a seven-week high. Pressure came again from rising rates for capesize and supramax vessels. The capesize index rose 36.4%, also its fifth consecutive weekly gain. The panamax index also rose, for the second week in a row. There was fresh activity in the grain market, Algeria’s state grains agency OAIC is believed to have purchased a total of … Continue reading “Baltic Sea Freight Index Higher for Fifth Straight Week Led By capesize index up 36.4%”

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”

Demand For Larger Ships Pushes Baltic Sea Freight Index Higher for Fourth Straight Week

The Baltic Exchange’s dry bulk sea freight index rose 2.8% to 2,718 points on Friday. The BDI rose 13.1%, on the week, the fourth consecutive weekly gain and to a seven-week high. Pressure came again from rising rates for capesize and supramax vessels. The panamax index also rose, for the first time in three weeks, gaining 8.1% on the week. There was fresh activity in the grain market. Baltic Exchange Dry Index (BDI) Segments (May 8, 2022) The Baltic Exchange’s … Continue reading “Demand For Larger Ships Pushes Baltic Sea Freight Index Higher for Fourth Straight Week”

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”

Baltic Sea Freight Index Gains for Third Straight Month in April

The Baltic Exchange’s dry bulk sea freight index rose 1 point to 2,404 on Friday, after falling 0.9% in the prior session. The BDI rose nearly 2% in April, the third straight month of rises. Pressure came from rising rates for capesize and supramax vessels. Turkey’s state grain board TMO has started making provisional purchases of wheat in an international import tender Baltic Exchange Dry Index (BDI) Segments (April 29, 2022) The Baltic Exchange’s dry bulk sea freight index rose … Continue reading “Baltic Sea Freight Index Gains for Third Straight Month in April”

Chevron Earnings Surge as CVX Plans to Raise Permian Production 15% to Grow Domestic Supply

Chevron, the second-largest U.S. oil company after Exxon, on Friday said it made $6.3 billion in quarterly profit, up from about $1.4 billion in the same period last year and slightly below analyst expectations. Chevron Chief Executive Mike Wirth said, “Chevron is doing its part to grow domestic supply,” and aims to raise output in the Permian 15% from 2021 levels this year. “Chevron is doing its part to grow domestic supply,” Fellow oil major Exxon reported Friday also Chevron … Continue reading “Chevron Earnings Surge as CVX Plans to Raise Permian Production 15% to Grow Domestic Supply”

ExxonMobil Earnings Miss Lofty Expectations on Weather and Timing Impacts, Takes Charges of $3.4 billion on Russian Exit.

Oil giant ExxonMobil reported first quarter earnings Friday that missed lofty expectations on a quarter where oil and natural gas prices hit long term highs. The quarter included charges of $3.4 billion, or 79 cents a share, from $XOM’s exit of Russia. Exxon boosted its stock repurchase program to up to $30 billion through 2023. Chevron also reported today. ExxonMobil Inc. (NYSE: $XOM) Reported Earnings Before Open Friday  $2.07 Missed $2.23 EPS and $90.50B Beat $82.8 billion revenue forecast Conference … Continue reading “ExxonMobil Earnings Miss Lofty Expectations on Weather and Timing Impacts, Takes Charges of $3.4 billion on Russian Exit.”

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”

Baltic Sea Freight Index Gains for Second Week Despite First Weekly Fall in Dalian Iron Ore in Two Months

The Baltic Exchange’s dry bulk sea freight index rose again this week for the second time in six weeks. The BDI was rose 8% after being up 4% last week. Pressure came from rising rates for capesize and supramax vessels. Chinese Dalian iron ore fell Friday posting its first weekly drop in two months, as demand weakness in top steel producer China outweighed supply risks flagged by the world’s biggest miners such as Rio Tinto. Baltic Exchange Dry Index (BDI) … Continue reading “Baltic Sea Freight Index Gains for Second Week Despite First Weekly Fall in Dalian Iron Ore in Two Months”