Despite overall bullish stock and OPEC compliance news, prices have failed to break through $55/Bbl due to the potential of additional production from Nigeria and Libya (exempt from quotas) and the rising US rig count (and production).
Last week’s warm temperatures brought Res/com levels down 9.08 Bcf/d on average over the week. Res/Com demand at 21.8 Bcf/d is at levels usually found in late March or early April. Power demand was basically flat to the previous week, LNG exports were up slightly, and there was a slight decline in Mexican exports.
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