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European Energies Futures Prices

Mon, Jul 15th, 2019
[[ timeframe ]] futures price quotes as of Mon, Jul 15th, 2019.
[[ timeframe ]] futures price quotes, based on [[ timeframe ]] data.

Futures Market News and Commentary

Energy Complex Closes Lower on Global Demand Concerns

Aug WTI crude oil (CLQ19) on Monday closed down -0.63 (-1.05%), and Sep Brent crude oil (CBU19) closed down -0.24 (-0.36%). Aug RBOB gasoline (RBN19) closed down -0.0467 (-2.36%). The energy complex closed lower Monday on a stronger dollar, the passing of Hurricane Barry, and concern about global energy demand. Monday's economic data from China, the world's second-largest crude consumer, showed that China's Q2 GDP slowed to a 27-year low of +6.2 % y/y from Q1's +6.4%. Also, a report Monday from Germany's Economy Ministry was negative for energy demand as the monthly report said that manufacturing in Germany, Europe's biggest economy, remains sluggish and that a weak level of orders and deteriorating business sentiment suggest manufacturing weakness will persist. Oil production in the Gulf of Mexico should begin to return to normal in coming days now that Hurricane Barry has passed. Another negative for the energy complex was Monday's decline in the crack spread to a 2-week low, which reduces the incentive for refiners to purchase crude to refine onto gasoline. In a supportive factor, last Friday afternoon's data from Baker Hughes showed that active U.S. oil rigs fell by -4 rigs in the week ended July 12 to a 17-1/4 month low of 784 rigs. Last Wednesday's EIA data showed that U.S. crude oil inventories as of July 5 were +5.3% above the 5-year average, gasoline inventories were +0.01% above the 5-year average, and distillate inventories were -4.5% below the 5-year average.
Natural Gas Prices Settle Lower on Forecasts for Return of Normal Temps in late July

Aug Nymex natural gas (NGQ19) on Monday closed down -0.045 (-1.83%). Nat-gas prices fell back Monday on forecasts for normal temperatures to move into the central and eastern U.S., which should curb nat-gas demand for air-conditioning. The Commodity Weather Group said today that temperatures will be above normal across most of the U.S. over the next 10 days but will fall back to normal from July 25-29. Another negative factor is above-average builds in weekly nat-gas supplies as this Thursday's weekly EIA nat-gas inventories are 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. Aug nat-gas posted a 6-week high last Wednesday after the Commodity Weather Group said it expects intense heat from Texas to the eastern U.S. during July 17-21, with the greatest heat concentrated in the Midwest. Also, supply concerns gave nat-gas a boost as Tropical Storm Barry shut down about 45% of nat-gas production in the Gulf of Mexico, although gas production in the Gulf will now return to normal since the storm has passed. A negative for nat-gas prices is robust U.S. nat-gas output as Monday's data showed that U.S. lower 48-state nat-gas production rose +6.9% y/y to 84.329 bcf. Last Thursday's weekly EIA inventory data was negative for nat-gas prices 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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