Oil & Gas Prices - May 3
Posted: Mon May 03, 2021 9:43 am
Opening Prices:
> WTI is down 12c to $63.46/Bbl, and Brent is down 24c to $66.52/Bbl.
> Natural gas is down 2.3c to $2.908/MMBtu.
Oil and gas prices moved higher soon after the markets opened.
AEGIS notes
Crude Oil
The U.S. denies any deal with Iran to ease sanctions, return to the nuclear accord
U.S. officials refuted Iran's reports of an impending prisoner swap while pointing out that the two parties still have many negotiations ahead before sanctions are eased
World powers in Vienna are seeking to broker a U.S.-Iranian deal to revive the nuclear accord
Russia increased output in April as OPEC+ lifts supply quota
The country produced around 10.46 MMBbl/d, a 1.9% increase from March levels
Russia is slated to increase production by another 114 MBbl/d from May to July
India Coronavirus cases hit record-high as the country continues to be devastated by a recent surge
"We were near pre-covid level in March, but new restrictions and covid wave-2 has temporarily reduced India's demand equivalent to about 10% of March demand for both personal mobility and industrial goods movement," said A.K. Singh, head of marketing at refiner Bharat Petroleum Corp
Market analysts are expecting India's transportation fuels demand to slump further in May, pressuring crude prices further
Natural Gas
Last month, Transco scheduled maintenance on Leidy from May 1-May 31, 2021, as part of their ongoing Leidy South Expansion project
The Leidy South Project is a proposed expansion of Williams’ existing Pennsylvania energy infrastructure designed to connect robust supplies of natural gas in northern and western Pennsylvania with growing demand centers along the Atlantic Seaboard in time for the 2021-22 winter heating season.
The Leidy expansion project is due online in late 2021 and will add additional takeaway capacity from the region
“Leidy adds 580 MMcf/d of new takeaway capacity from the basin,” Cabot Oil and Gas CEO Dan Dinges said during the company’s Q1 2021 earnings call
The Leidy Hub outage has caused producers to shut in about 1 Bcf/d in NE Pennsylvania
European Parliament has again called for the halt of the Nord Stream 2 gas pipeline project (S&P Global)
On April 29, in a resolution approved with 569 votes in favor, the parliament called on the EU to “reduce its dependence on Russian energy”
The new resolution is in response to Navalny case, military build-up
The EU relies on large volumes of imports of gas from Russia
In 2020, Russia accounted for 48% (156 Bcm) of the EU’s gas imports, according to European Commission data
> WTI is down 12c to $63.46/Bbl, and Brent is down 24c to $66.52/Bbl.
> Natural gas is down 2.3c to $2.908/MMBtu.
Oil and gas prices moved higher soon after the markets opened.
AEGIS notes
Crude Oil
The U.S. denies any deal with Iran to ease sanctions, return to the nuclear accord
U.S. officials refuted Iran's reports of an impending prisoner swap while pointing out that the two parties still have many negotiations ahead before sanctions are eased
World powers in Vienna are seeking to broker a U.S.-Iranian deal to revive the nuclear accord
Russia increased output in April as OPEC+ lifts supply quota
The country produced around 10.46 MMBbl/d, a 1.9% increase from March levels
Russia is slated to increase production by another 114 MBbl/d from May to July
India Coronavirus cases hit record-high as the country continues to be devastated by a recent surge
"We were near pre-covid level in March, but new restrictions and covid wave-2 has temporarily reduced India's demand equivalent to about 10% of March demand for both personal mobility and industrial goods movement," said A.K. Singh, head of marketing at refiner Bharat Petroleum Corp
Market analysts are expecting India's transportation fuels demand to slump further in May, pressuring crude prices further
Natural Gas
Last month, Transco scheduled maintenance on Leidy from May 1-May 31, 2021, as part of their ongoing Leidy South Expansion project
The Leidy South Project is a proposed expansion of Williams’ existing Pennsylvania energy infrastructure designed to connect robust supplies of natural gas in northern and western Pennsylvania with growing demand centers along the Atlantic Seaboard in time for the 2021-22 winter heating season.
The Leidy expansion project is due online in late 2021 and will add additional takeaway capacity from the region
“Leidy adds 580 MMcf/d of new takeaway capacity from the basin,” Cabot Oil and Gas CEO Dan Dinges said during the company’s Q1 2021 earnings call
The Leidy Hub outage has caused producers to shut in about 1 Bcf/d in NE Pennsylvania
European Parliament has again called for the halt of the Nord Stream 2 gas pipeline project (S&P Global)
On April 29, in a resolution approved with 569 votes in favor, the parliament called on the EU to “reduce its dependence on Russian energy”
The new resolution is in response to Navalny case, military build-up
The EU relies on large volumes of imports of gas from Russia
In 2020, Russia accounted for 48% (156 Bcm) of the EU’s gas imports, according to European Commission data