Petroleum demand in China slowing Aging workforce a barrier to growth China’s exports of petroleum products on the rise Drought slowing traffic through the Panama canal The Matrix The ascendance of China has been the demand story of this century so far. In 2000,...
Global oil demand hits new highwater mark
Refinery margins expand as inventories fall
Upcoming PADD 1 refinery maintenance supportive of price
Possible labor strikes threaten global LNG output
Record crude stock draw mostly due to adjustment
Saudi Arabia extends production cuts into September
Global distillate stocks are running below average
Natural gas prices remain rangebound
– ULSD price falls after $0.43 rally
– Decline not tied to supply/demand fundamentals
– Analysts raise crude oil price forecast to $100
– Natural gas consumption falls
Highlights
1) Lowest pre-winter U.S. propane inventories in the last seven years
2) Arbitrage window currently incentivizes U.S. producers to export
3) Strong price rally nearing a decision point
Highlights
1. Refinery use falls on Gulf Coast
2. Gasoline demand rises
3. Domestic crude oil production loses 1.5 million barrels daily
4. Natural gas price holds $5.00
Highlights
1. Latest EIA data bullish
2. Covid-19 restrains prices
3. Mu variant now appearing
4. Natural gas prices approach major resistance
Highlights
1. Uncertainty shrouds U.S. withdrawal from Afghanistan
2. U.S. gasoline inventories below five-year average
3. Natural gas injections well below expectations
1. 44 million Americans hit the road for the July 4th Holiday Weekend
2. U.S. gasoline demand tops 10 million barrels per day for the first time
3. Crude domestic production slowly moving higher, makes a post-pandemic high
4. Extreme heat in the West adding support to natural gas prices
1. New oil targets around $100 per barrel
2. Refinery inputs rise
3. Higher prices could invite political response
4. LNG exports are flat in 2020