Oil & Gas Prices - Sept 18

[dan_s]

At 9AM CT on Sept 18th.
> The October futures contract for WTI was up $0.07 to $41.04/bbl
> The October futures contract for HH gas was down $0.032 to $2.01/MMBtu
> The November futures contract for HH gas was up $0.011 to $2.588/MMBtu with the contracts for December to March all over $3.00/MMBtu

With natural gas in U.S. storage so high, traders are rolling over the October contract and buying the winter months.

[dan_s]

API: US petroleum demand continued to increase in August
US petroleum demand increased in August, and supply decreased, while Gulf Coast refineries, petrochemical plants, and export terminals coped with seasonal disruptions due to Hurricane Laura, according to the American Petroleum Institute data.

OGJ editors
Sep 18th, 2020

[dan_s]

Oil rebounded above $40 at the end of the week after EIA data showed a drawdown in oil storage and Hurricane Sally forced offshore platforms offline.

Oil up on OPEC+ meeting. Oil gained more ground after the Saudi oil minister warned speculators gambling in the market. To short-sellers betting on a slide in prices, he said: “Make my day.” He added that OPEC+ will actively and pre-emptively manage the market. The group also pressured laggards to increase their compliance.

Goldman: $49 by year-end. Goldman Sachs sees Brent rising to $49 per barrel before the end of the year. “We estimate that the oil market remains in deficit with speculative positioning now at too low levels,” Goldman Sachs said.

Oil demand exceeds current production and oil in storage continues to decline.