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Bullish Report Due To Larger Than Expected Petroleum Stocks Withdrawal

US crude oil stocks increased by 4.6 MMBbl last week. Gasoline and distillate stocks decreased by 2.1 MMBbl and 5.7 MMBbl respectively. Yesterday afternoon, API had reported a crude oil build of 1.4 MMBbl, alongside gasoline and distillate withdrawals of 5.1 MMBbl and 6.1 MMBbl respectively. Analysts were expecting a larger crude build of 2.4 MMBbl. The most important number to keep an eye on, total petroleum inventories, posted a

The Week Ahead For Crude Oil, Gas and NGLs Markets – 09/18/2017

CRUDE OIL US crude oil inventories increased 5.9 MMBbl, according to the weekly EIA report. With the continuing storm related refinery issues, inventories of both gasoline and distillates were down 8.4 MMBbl and 3.2 MMBbl respectively. The total petroleum inventories posted an increase of 1.7 MMBbl. US production started to recover from Harvey and increased 572 MBbl/d. Imports were down 603 MBbl/d to an average of 6.5 MMBbl/d versus the

Gas Prices Up Despite Larger-than-Expected Build

Natural gas storage inventories increased by 91 Bcf for the week ended Sept. 8, per EIA. The report came in above most market expectations of an injection in the mid 80s. Despite the larger than expected build in the storage report, the Oct contract (prompt) is trading higher following the EIA release, up $0.02 to $3.08 per MMBtu, at time of writing. Larger-than-Average Injections Pushing Nov 1 Inventories Towards 3.9

Crude Oil Prices Up on Bullish EIA Report and IEA News

US crude oil stocks increased by 5.9 MMBbl last week. Gasoline and distillate stocks decreased by 8.4 MMBbl and 3.2 MMBbl respectively. Yesterday afternoon, API had reported a crude oil build of 6.2 MMBbl while reporting gasoline and distillate draws of 7.9 MMBbl and 1.8 MMBbl, respectively. Analysts were expecting a larger crude build of 10.1 MMBbl. The most important number to keep an eye on, total petroleum inventories increased

The New Permian Benchmark?

BHP announced their plans to divest their U.S. shale assets, including a 123,000-acre position in the heart of the Delaware Basin. This acreage position, in terms of a pricing evaluation, could rival the Exxon acquisition of the Bass family’s assets, which totaled over $5.6 billion. We are anticipating a bidding war between supermajors. To break down this gem of an acquisition target, we wanted to analyze comparable transactions in the

The Week Ahead for Crude Oil, Gas, and NGL Markets – 9/11/2017

CRUDE OIL US crude oil inventories increased by 4.6 MMBbl, according to the weekly EIA report. Given refinery outages associated with Harvey, inventories of both gasoline and distillates were down 3.2 MMBbl and 1.4 MMBbl respectively. The total petroleum inventories posted an increase of 7.0 MMBbl. US production was down 749 MBbl/d with the lower 48 declining 783 MBbl/d, (from the effects of Harvey) per the EIA estimates. Imports decreased

Bearish Gas Storage Build, Harvey’s Aftermath

Natural gas storage inventories increased by 65 Bcf for the week ended Sept. 1, per EIA. The report came in above market expectations, which were in the high 50s to low 60s. The bearish report has the Oct contract (prompt) trading down $0.015 following the release at $2.985 per MMBtu, at time of writing. Working gas storage inventories increased to 3.220 Tcf, level 212 Bcf below last year and 15

Petroleum Stocks – After the Storm

US crude oil stocks increased by 4.6 MMBbl last week. Gasoline and distillate stocks decreased by 3.2 MMBbl and 1.4 MMBbl respectively. Yesterday afternoon, API had reported a crude oil build of 2.8 MMBbl while reporting a gasoline and distillate draws of 2.5 MMBbl and 0.6 MMBbl respectively. Analysts were expecting a larger crude build of 4.0 MMBbl. The most important number to keep an eye on, total petroleum inventories

The Week Ahead: Harvey Update

CRUDE OIL • US crude oil inventories decreased by 5.4 MMBbl, according to the weekly EIA report. Inventories of gasoline were flat while distillate inventories increased by 0.7 MMBbl. Total petroleum inventories declined 1.75 MMBbl. US production was up a slight 2 MBbl/d. The 12 MBbl/d decline in Lower 48 production was offset by Alaskan production growth of 14 MBbl/d. Imports decreased by 885 MBbl/d to an average of 7.9

Harvey’s Impact to Gas Storage Inventories – A Larger Injection Next Week

Natural gas storage inventories increased by 30 Bcf for the week ended Aug. 25, per EIA. The build was in-line with most market expectations. Working gas storage inventories increased to 3.155 Tcf, level 239 Bcf below last year and only 8 Bcf above the 5-year average. See Drillinginfo EIA’s chart below. This graphic shows projections for end-of-season inventories as of Nov 1. Two scenarios are included for summer injections (April-Oct)