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European Energies Futures Prices

Mon, Jul 22nd, 2019
[[ timeframe ]] futures price quotes as of Mon, Jul 22nd, 2019.
[[ timeframe ]] futures price quotes, based on [[ timeframe ]] data.

Futures Market News and Commentary

Natural Gas Rallies Sharply on New Forecasts for Hot Weather

Sep Nymex natural gas (NGU19) on Monday edged to a 3-week low but then recovered and closed the day sharply higher by +0.065 (+2.92%). Nat gas prices on Monday rallied sharply on weather factors as the Commodity Weather Group forecasted above-normal temperatures for the West, Central and Northeast during July 27-31. The report said that the hot weather will continue in the northern half of the U.S. during Aug 1-5. U.S. lower-48 gas production on Monday fell slightly by -0.21% d/d to 85.389 bcf/d from Sunday's 2-week high. In a supportive development, the EIA reported last Thursday that nat-gas supplies rose by only 62 bcf in the week of July 12, below expectations of 71 bcf and below the 5-year average of 63 bcf. Last Thursday's report broke the 16-week string of reports that were above the 5-year average. Last Thursday's EIA data showed that U.S. nat-gas supplies stood at a 6-month high of 2.533 bcf as of July 12, up +12.7% y/y but -5.3% below the 5-year average.
Crude Oil Prices Close Higher on Persian Gulf Tensions and US/Chinese Trade Optimism

Sep WTI crude oil (CLU19) on Monday closed up by +0.46 (+0.82%), and Sep Brent crude oil (CBU19) closed up by +0.79 (+1.26%). Sep RBOB gasoline (RBU19) closed down by -0.0070 (-0.39%). Oil prices on Monday closed higher on continued Persian Gulf tensions after Iran last Friday seized a UK-flagged oil tanker as retaliation for the UK seizure of an Iranian tanker in early July. The UK's defense minister over the weekend said that he wants to de-escalate the situation. There was also some increased tension on Monday after Iran said it captured, and would execute, some Iranian nationals who were trained by the CIA as spies. Oil prices on Monday also rallied on optimism about US/Chinese trade talks after China on Sunday said that some Chinese companies are preparing to buy U.S. agriculture products as a goodwill gesture to get the US/Chinese trade talks back on track. Oil prices on Monday were undercut by the news that a Libyan pipeline reopened on Sunday and restored 290,000 bpd of oil production after the pipeline's 2-day shutdown due to the closure of a valve. The consensus for Wednesday's weekly EIA report is for a -3.9 million bbl drop in U.S. crude oil inventories, a -2.0 million bbl drop in gasoline inventories, and a +1.0 million bbl increase in distillate inventories. Last Wednesday'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 +1.4% above the 5-year average, and distillate inventories were -1.8% below the 5-year average. U.S. weekly oil production in the week ended July 12 fell by -2.4% w/w to 12.0 million bpd, which was mildly below May's record high of 12.4 million bpd.
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