Energies Futures Prices
- Midday Market Minute
What are the tradable levels in the ES, NQ, Crude and Gold going forward?
- 90 Second Noon Rundown - Grains and Oil
Grains recovering after a 2 day correction and friendly export sales. Oil rebounds on Drone being shot down.
- Post Fed - Blue Line Morning Express
ES, NQ, Crude, Gold. Actionable research out early each morning to brokerage clients with full technicals.
- Drone On. The Energy Report 06/20/19
As if oil did not have enough reasons to rally. You had the Federal Reserve all but assure us that they were going to raise [...]
- The Day After
Yesterday the markets gained ground despite no rate cut by the Fed. Will this change today? Read on to learn more...
- WTI Crude (CL) Bounces 4% Plus Ahead of FOMC
WTI Crude (CL) bounced more than 4% yesterday on short covering ahead of today's highly anticipated weekly inventory numbers at 1030am EST and the...
Futures Market News and Commentary
July Nymex natural gas (NGN19) this morning is down by -0.076 (-3.34%). Nat-gas prices today plunged to a new 3-year nearest-futures low on a larger-than-expected build in weekly EIA nat-gas inventories. The EIA reported today that U.S. nat-gas inventories rose 115 bcf, higher than expectations of 105 bcf and above the 5-year average of 84 bcf. That marks the twelfth consecutive week that U.S. nat gas inventories rose by more than their 5-year average. Strong U.S. nat-gas output is also pressuring prices as today's data showed that U.S. lower 48-state nat-gas production rose +7.7% y/y to 84.541 bcf. Finally, a lack of intense heat in the U.S. is also limiting nat-gas demand for air conditioning as Maxar Weather is forecasting below-normal temperatures in the central and eastern U.S. during June 29-July 3. Today's EIA data showed that U.S. nat-gas supplies stood at a 4-3/4 month high of 2.203 bcf as of June 14, up +9.7% y/y but -8.3% below the 5-year average.
Aug WTI crude oil (CLN19) this morning is up +3.24 (+6.00%), and Aug Brent crude oil (CBQ19) is up +2.22 (+4.40%). Aug RBOB gasoline (RBN19) is up +0.0566 (+3.31%). The energy complex is sharply higher this morning at 3-week highs on dollar weakness and increased US/Iran tensions. The dollar index slid to a 1-1/2 week low today and most commodity prices rallied on expectations for the Fed to cut interest rates following the dovish outcome to Wednesday's FOMC meeting. Crude prices extended their gains today on heightened US/Iran tensions after Iran said it shot down a U.S. spy drone in its airspace. The U.S. refuted Iran's allegations and a spokesman for the U.S. Central Command said, "this was an unprovoked attack on a U.S. surveillance asset in international airspace." President Trump tweeted "Iran made a very big mistake," which suggested that the U.S. military might retaliate in some way. Crude prices still have carry-over support from Wednesday's bullish EIA report, which showed a -3.11 million bbl decline in U.S. crude oil inventories, more than expectations of -1.75 million bbl. The EIA report also showed that gasoline stockpiles unexpectedly fell -1.69 million bbl versus expectations for a +1.0 million bbl increase. Robust U.S. gasoline demand is also supportive for prices after the EIA reported that U.S. gasoline demand rose +0.5% w/w for the week of June 14 to a record 9.928 million bpd. Wednesday's EIA data showed that U.S. crude oil inventories as of June 14 were a hefty +8.3% above the 5-year average, gasoline inventories were +1.3% above the 5-year average, and distillate inventories were -5.3% below the 5-year average.