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European Energies Futures Prices

Thu, Jul 18th, 2019
[[ timeframe ]] futures price quotes as of Thu, Jul 18th, 2019.
[[ timeframe ]] futures price quotes, based on [[ timeframe ]] data.

Futures Market News and Commentary

Natural Gas Sees Support from Smaller-Than-Expected EIA Inventory Build

Aug Nymex natural gas (NGQ19) this morning is up +0.007 (+0.30%). Nat-gas prices are slightly higher this morning as the outlook for cooler temperatures in the U.S. offsets a smaller-than-expected gain in weekly nat-gas inventories. The EIA reported today 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. Today's report broke the 16-week string of reports that were above the 5-year average. Nat-gas prices are being undercut by the outlook for the current excessive heat that has engulfed the U.S. 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. 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 +6.5% y/y to 83.252 bcf. Today'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.
Energy Complex Falls on Increased Russian Output and Demand Concerns

Aug WTI crude oil (CLQ19) this morning is down -0.98 (-1.73%), and Sep Brent crude oil (CBU19) is down -0.97 (-1.52%). Aug RBOB gasoline (RBN19) is down -0.02901 (-1.54%). The energy complex is moving lower this morning with Aug WTI crude and Sep Brent crude at 2-week lows and Aug RBOB gasoline at a 3-week low on concern about increased supplies and mixed demand. The energy complex is moving lower today on the outlook for increased Russian crude production after Russian pipeline operator Transneft PJSC said it had resumed full flows from Russia's largest crude producer, Rosneft PJSC, which had stopped sending crude through Transneft pipelines on Monday due to technical issues. Demand concerns also weighed on the energy complex after today's U.S. June leading indicators report unexpectedly fell -0.3%, the biggest decline in nearly 3-1/2 years, which was negative for the U.S. economy and energy demand. The energy complex remains on the defensive from Wednesday's EIA report that showed that gasoline stockpiles unexpectedly rose +3.565 million bbl (vs expectations for a -2.4 million bbl draw) and that distillate supplies rose +5.686 million bbl (vs expectations of +1.0 million bbl). On the positive side is ongoing Middle East tensions after Iran today admitted that it seized a foreign oil tanker in the Persian Gulf on Sunday. 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. 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 +2.1% above the 5-year average, and distillate inventories were -1.5% below the 5-year average.
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