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Energies Futures Prices

Wed, May 27th, 2020
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Futures Market News and Commentary

Crude Oil Falls on Signs that Russia Wants to Dial Back Production Cuts

Jul WTI crude oil (CLN20) this morning is down -1.17 (-3.41%) at $33.18, Jul Brent crude oil (CBN20) is down -1.11 (-3.18%) at $35.06, and Jul RBOB gasoline (RBN20) is down -0.0423 (-3.97%).

The energy complex this morning is moving lower on signs that Russia wants to dial back on crude production cuts. In April, OPEC+ agreed to cut output until July but Russian oil companies on Tuesday discussed the future of the deal with Russian Energy Minister Novak and said they could not reach a consensus about extending the crude production cuts for another two months. According to the newspaper Kommersant, Saudi Arabia is pressing for an extension of the deal until September. OPEC+ will meet by virtual conference on June 9-10 to discuss extending their crude production cuts.

Escalation of U.S./China tensions is weighing on economic optimism and energy demand. The Trump administration is considering a range of sanctions to punish China for its crackdown on Hong Kong, while the H... Read more

Natural Gas Closes Sharply Higher on Forecasts for Hot Temps and Reduced Output

Jun Nymex natural gas (NGM20) on Tuesday closed up +0.062 (+3.58%).

Jun nat-gas prices on Tuesday rallied sharply on forecasts for hot weather along with reduced U.S. nat-gas production. The Commodity Weather Group on Tuesday said above-normal temperatures will move into the Midwest May 31-June 4 and then into the eastern U.S. the following week, which should boost demand for nat-gas and electricity to run air conditioning.

U.S. nat-gas output continues to decline, which is underpinning prices. U.S. lower-48 state nat-gas production on Tuesday fell by -7.5% y/y to 83.367 bcf/d, the nineteenth consecutive day that nat-gas production has fallen on a year-on-year basis.

Nat-gas prices are being undercut by continued demand concerns. Poten & Partners said last Wednesday that about 57 U.S. LNG cargoes have been canceled for June alone, and that more cargoes may be canceled for summer and autumn. Data from Bloomberg show that the U.S. exported only 61 LNG cargoes in A... Read more

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