A Bad Day for Bulls as Iran Stands Down and US Inventories Explode
[contextly_auto_sidebar] US crude oil stocks posted an increase of 1.2 MMBbl. Gasoline and distillate inventories increased 9.1 MMBbl and 5.3 MMBbl, respectively. Yesterday afternoon, API reported a crude oil draw of 5.95 MMBbl alongside large gasoline and distillate builds of 6.7 MMBbl and 6.4 MMBbl, respectively. Analysts were expecting a smaller crude oil draw of […]
Prices Spike After U.S. Airstrike in Middle East
[contextly_auto_sidebar] US crude oil stocks posted a very large decrease of 11.5 MMBbl. Gasoline and distillate inventories increased 3.2 MMBbl and 8.8 MMBbl, respectively. Yesterday afternoon, API reported a large crude oil draw of 7.8 MMBbl alongside a gasoline draw of 0.78 MMBbl and a distillate build of 2.8 MMBbl. Analysts were expecting a smaller […]
Prices Rise Despite Bearish Draw
[contextly_auto_sidebar] Natural gas storage inventories decreased 58 Bcf for the week ending December 27, according to the EIA’s weekly report. This was below the market expectation, which was a draw of 61 Bcf. Working gas storage inventories now sit at 3.192 Tcf, which is 484 Bcf above inventories from the same time last year and […]
Prices Rise with Large Crude Withdrawal
[contextly_auto_sidebar] US crude oil stocks decreased by 5.5 MMBbl. Gasoline inventories increased 2.0 MMBbl and distillate inventories decreased 0.2 MMBbl. Yesterday afternoon, API reported a large crude oil draw of 7.9 MMBbl alongside gasoline and distillate builds of 0.56 MMBbl and 1.68 MMBbl, respectively. Analysts were expecting a smaller crude oil draw of 1.8 MMBbl. […]
Prices Steady Despite Withdrawal Higher Than Expectation
[contextly_auto_sidebar] Natural gas storage inventories decreased 161 Bcf for the week ending December 20, according to the EIA’s weekly report. This was above the market expectation, which was a draw of 155 Bcf. Working gas storage inventories now sit at 3.250 Tcf, which is 518 Bcf above inventories from the same time last year and […]
Local Economic Volatility in Oil Patch Boom and Bust Cycles
Boom and bust cycles come with the territory in the oil patch. We’ve all seen variations on the theme, like the bumper stickers that pleaded, “Lord, give me another oil boom and I promise I won’t piss it away!” And we’re all schooled in the idea that when a boom moves through an area, everything […]
Prices Push Higher on Gas Withdrawal Above Expectation
[contextly_auto_sidebar] Natural gas storage inventories decreased 107 Bcf for the week ending December 13, according to the EIA’s weekly report. This was above the market expectation, which was a draw of 102 Bcf. Working gas storage inventories now sit at 3.411 Tcf, which is 618 Bcf above inventories from the same time last year and […]
Prices Supported By The Drop In The Inventory Report
[contextly_auto_sidebar] US crude oil stocks decreased by 1.1 MMBbl. Gasoline and distillate inventories increased 2.5 MMBbl and 1.5 MMBbl, respectively. Yesterday afternoon, API reported a crude oil build of 4.7 MMBbl alongside gasoline and distillate builds of 5.6 MMBbl and 3.7 MMBbl, respectively. Analysts, to the contrary, were expecting a crude oil draw of 1.29 […]
Austerity Coming to Appalachia in 2020 as Price Outlook Worsens
The price outlook for natural gas is currently worse than it was a year ago, thanks to rapidly growing U.S. output driven by associated gas from oil production. As of Dec. 9, the 12-month strip price for Henry Hub is $2.27/MMbtu compared to $3.29/MMbtu a year ago. The Energy Information Administration (EIA) estimates that U.S. […]
Prices Lower on Bearish Gas Storage Draw
[contextly_auto_sidebar] Natural gas storage inventories decreased 73 Bcf for the week ending December 6, according to the EIA’s weekly report. This was lower than the market expectation, which was a draw of 77 Bcf. Working gas storage inventories now sit at 3.518 Tcf, which is 593 Bcf above inventories from the same time last year […]