- Futures Crude Oil Overview & Trading Levels 1.24.2019
Futures Crude Oil Overview & Trading Levels 1.24.2019
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Futures Market News and Commentary
Mar WTI crude oil (CLG19) on Wednesday closed down -$0.39 (-0.74%) per barrel and Mar Brent crude (CBH19) closed down -$0.36 (-0.59%). Mar RBOB gasoline (RBG19) closed down -1.41 cents per gallon (-1.00%). Demand concerns weighed on the energy complex Wednesday after the International Energy Agency (IEA) warned that a sharp slowdown in global growth could weigh heavily on oil consumption. Another negative was concern about the global economy after Chinese Vice President Qishan said the international order was under assault from "unilateralism, protectionism and populism." Finally, the crack spread sank to a fresh 1-3/4 year low, which reduces the incentive for refiners to purchase crude oil to refine into gasoline. Crude prices held their losses in afternoon trade after the API reported U.S. crude supplies rose +6.55 million bbl last week. On the positive side was a weak dollar and comments from the CEO of BP, Bob Dudley, who said that production cuts by OPEC+ should eventually lead to a balanced oil market in 2019. Also, Thursday's weekly EIA crude inventory report is expected to show a decline of -500,000 bbl.
Feb Nymex natural gas (NGG19) on Wednesday closed down by -0.060 (-1.97%). Nat-gas prices on Wednesday erased an early rally as they tumbled to a 2-week low and closed lower after Radiant Solutions predicted that much of the U.S. will be warmer than previously forecast and that "significant warmer changes" are in store across much of the U.S. from Feb 2-6. Also on the bearish side, expectations are for Thursday's weekly EIA U.S. nat-gas inventories to fall -155 bcf, a smaller decline than the 5-year average for this time of year of -185 bcf. Nat-gas prices moved higher early Wednesday on a weaker dollar and reduced U.S. nat-gas output after Wednesday's data showed that lower-48 state nat-gas production fell to 83.577 bcf, just above Monday's 2-1/4 month low of 83.345 bcf. U.S. nat-gas inventories remain tight at -2.0% y/y at 2.533 bcf as of Jan 11, which is -11.4% below the 5-year average.