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Energies Futures Prices

Wed, Jul 17th, 2019
[[ timeframe ]] futures price quotes as of Wed, Jul 17th, 2019.
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Futures Market News and Commentary

Energy Complex Undercut by Large Product Builds in Weekly EIA Report

Aug WTI crude oil (CLQ19) this morning is down -0.30 (-0.52%), and Sep Brent crude oil (CBU19) is down -0.03 (-0.05%). Aug RBOB gasoline (RBN19) is up +0.0019 (+0.05%). The energy complex is mixed this morning as larger-than-expected builds in oil products were offset by a larger-than-expected draw in crude oil inventories. Crude oil prices are being supported today by a weaker dollar and by the -3.12 million bbl decline in EIA weekly crude oil inventories, slightly more than expectations of -3.0 million bbl. Crude oil prices are also seeing support from the EIA's report that U.S. oil production last week fell by -2.4% w/w to a 4-month low of 12.0 million bpd because of Hurricane Barry's trek through the Gulf of Mexico. However, crude prices fell into negative territory and gasoline gave up most of its gains after weekly EIA gasoline stockpiles unexpectedly rose +3.565 million bbl, more than expectations of a -2.4 million bbl draw. In addition, distillate supplies rose +5.686 million bbl, above expectations of +1.0 million bbl. Oil prices continue to see support from Middle East tensions after Iran denied Tuesday's U.S. claim that Iran was willing to negotiate if some conditions are met. Iran has vowed retaliation for the UK's seizure of an Iranian oil tanker earlier this month although the UK has reportedly offered to return the tanker if the oil does not go to Syria. Today's EIA data showed that U.S. crude oil inventories as of July 12 were +5.3% above the 5-year average, gasoline inventories were +2.1% above the 5-year average, and distillate inventories were -1.5% below the 5-year average.
Natural Gas Prices Firm on a Widespread Heat Wave Across the U.S.

Aug Nymex natural gas (NGQ19) this morning is up +0.038 (+1.65%). Nat-gas prices are higher this morning as the National Weather Service has projected a "dangerous and widespread" heat wave for two-thirds of the U.S. over the next few days that should drive demand for nat-gas to fuel power plants to supply air-conditioning. Aug nat-gas fell to a 1-week low Tuesday as excessive temperatures across the U.S. are expected to fade starting July 26, which should curb nat-gas demand for air-conditioning. The Commodity Weather Group said Monday that temperatures will be above normal across most of the U.S. over the next 10 days but will fall back to normal during July 25-29. Another bearish factor is the the recent string of above-average builds in weekly nat-gas supplies. This Thursday's weekly EIA nat-gas inventories report is expected to increase by 71 bcf, higher than the 5-year average of 63 bcf and the sixteenth straight week that U.S. nat-gas supplies would increase by more than the 5-year average. Nat-gas prices are also being undercut by robust U.S. nat-gas output as today’s data showed that U.S. lower 48-state nat-gas production rose +5.9% y/y to 82.232 bcf. Last Thursday's weekly EIA inventory data was bearish as U.S. nat-gas inventories rose by 81 bcf the week of July 5, above expectations of 74 bcf and above the 5-year average of 71 bcf. U.S. nat gas inventories have now increased by more than the 5-year average for fifteen consecutive weeks. Last Thursday's EIA data showed that U.S. nat-gas supplies stood at a 5-3/4 month high of 2.471 bcf as of July 5, up +12.2% y/y but -5.4% below the 5-year average.
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