Oil & Gas Prices - April 30
Posted: Fri Apr 30, 2021 9:04 am
Sorry for the late start. I was up half the night with two dogs that aren't fond of thunder.
Opening Prices:
> WTI is down 152c to $63.49/Bbl, and Brent is down 127c to $67.29/Bbl.
> Natural gas is up 2.1c to $2.932/MMBtu.
AEGIS Notes
Crude Oil
Demand optimism mounts as major U.S. cities are moving to full reopen
NYC Mayor Bill de Blasio is moving to reopen the city on July 1
As more cities get closer to fully reopening businesses, demand for fuels and products will heat up.
Further, cruises are expected to reopen in the U.S. in mid-July, according to the CDC
OPEC output increased by 65 MBbl/d in April, according to industry consultant JBC (Bloomberg)
Iran production increased by 100 MBbl/d to 2.5 MMBbl/d
Libyan output fell by 100 MBbl/d to 1.2 MMBbl/d, while Nigerian output fell by 50 MBbl/d to 1.45 MMBbl/d
KPLER says Indian imports could fall by as much as 1 MMBbl/d as the country battles a COVID-19 resurgence
The company said that imports might decline by more than 1 MMBbl/d and possibly even 3 MMBbl/d in the coming weeks. India’s demand loss may knock 200 MBbl/d from global consumption this year
The company noted high storage levels in the country compound the issue
Natural Gas
Natural gas prices are moderately higher Friday morning after sellers overwhelmed buyers on Thursday following the EIA’s storage statistic
The 15 Bcf build in gas inventories surprised analysts who were expecting closer to a 10 Bcf build on average
Yesterday’s selling pressure came as a surprise following the relatively bullish low build in stocks. However, June gas was on a three-day 10c rally, there could have been profit-taking and positioning following the contract roll from May
The EIA reported a 15 Bcf build in US gas storage for the week ended April 23 as cooler weather prompted a net withdrawal from the East region
Last week’s increase in inventories was well below the five-year average build of 67 Bcf, according to the EIA
Storage volumes now stand at 302 Bcf, or 13.87%, less than the year-ago level of 2.2 Tcf and 40 Bcf, or 2.1%, less than the five-year average of 1.938 Tcf
The 15 Bcf rise in stocks was the smallest build in 21 years for the same week in April
Opening Prices:
> WTI is down 152c to $63.49/Bbl, and Brent is down 127c to $67.29/Bbl.
> Natural gas is up 2.1c to $2.932/MMBtu.
AEGIS Notes
Crude Oil
Demand optimism mounts as major U.S. cities are moving to full reopen
NYC Mayor Bill de Blasio is moving to reopen the city on July 1
As more cities get closer to fully reopening businesses, demand for fuels and products will heat up.
Further, cruises are expected to reopen in the U.S. in mid-July, according to the CDC
OPEC output increased by 65 MBbl/d in April, according to industry consultant JBC (Bloomberg)
Iran production increased by 100 MBbl/d to 2.5 MMBbl/d
Libyan output fell by 100 MBbl/d to 1.2 MMBbl/d, while Nigerian output fell by 50 MBbl/d to 1.45 MMBbl/d
KPLER says Indian imports could fall by as much as 1 MMBbl/d as the country battles a COVID-19 resurgence
The company said that imports might decline by more than 1 MMBbl/d and possibly even 3 MMBbl/d in the coming weeks. India’s demand loss may knock 200 MBbl/d from global consumption this year
The company noted high storage levels in the country compound the issue
Natural Gas
Natural gas prices are moderately higher Friday morning after sellers overwhelmed buyers on Thursday following the EIA’s storage statistic
The 15 Bcf build in gas inventories surprised analysts who were expecting closer to a 10 Bcf build on average
Yesterday’s selling pressure came as a surprise following the relatively bullish low build in stocks. However, June gas was on a three-day 10c rally, there could have been profit-taking and positioning following the contract roll from May
The EIA reported a 15 Bcf build in US gas storage for the week ended April 23 as cooler weather prompted a net withdrawal from the East region
Last week’s increase in inventories was well below the five-year average build of 67 Bcf, according to the EIA
Storage volumes now stand at 302 Bcf, or 13.87%, less than the year-ago level of 2.2 Tcf and 40 Bcf, or 2.1%, less than the five-year average of 1.938 Tcf
The 15 Bcf rise in stocks was the smallest build in 21 years for the same week in April