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European Energies Futures Prices

Wed, Jul 17th, 2019
[[ timeframe ]] futures price quotes as of Wed, Jul 17th, 2019.
[[ timeframe ]] futures price quotes, based on [[ timeframe ]] data.

Futures Market News and Commentary

Energy Complex Sells-Off on the Prospects for Reduced Tensions with Iran

Aug WTI crude oil (CLQ19) on Tuesday closed down -1.96 (-3.29%), and Sep Brent crude oil (CBU19) closed down -2.13 (-3.20%). Aug RBOB gasoline (RBN19) closed down -0.0385 (-1.99%). The energy complex gave up early gains Tuesday and closed lower with Aug WTI crude oil and Aug RBOB gasoline at 1-week lows. A stronger dollar weighed on energy prices Tuesday, but losses accelerated on the prospects of reduced tensions in the Middle East after U.S. Secretary of State Pompeo said Iran was willing to talks with the U.S. if some conditions were met. Crude prices had opened higher Tuesday on increased Middle East tensions and on expectations for tighter U.S. supplies. AP reported Tuesday that the U.S. suspects Iran seized a UAE-based oil tanker on Sunday that was navigating through the Strait of Hormuz. The London-based Times reported Tuesday that the UK Royal Navy said it was sending a third warship to the Persian Gulf to protect UK interests. 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. Crude prices recovered from their worst levels Tuesday after weekly data from API Tuesday afternoon showed U.S. crude stockpiles fell by only -1.4 million bbl last week. The consensus for Wednesday's weekly EIA report was for crude inventories to fall -3.0 million bbl, which would be the fifth consecutive weekly decline. Tuesday's U.S. economic data is positive for energy demand and bullish for energy prices after June retail sales rose +0.4% and +0.4% ex-autos, stronger than expectations of +0.2% and +0.1% ex-autos, and after June manufacturing production rose +0.4%, stronger than expectations of +0.3%. 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 Drop to a 1-Week low as Excessive Temps are Forecast to Subside

Aug Nymex natural gas (NGQ19) on Tuesday closed down -0.102 (-4.24%) at a 1-week low. Nat-gas prices sold off Tuesday for a second day and posted a 1-week low 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 above-average builds in weekly nat-gas supplies as 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 Tuesday’s data showed that U.S. lower 48-state nat-gas production rose +5.2% y/y to 83.129 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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