Oil Price - June 25

[dan_s]

Oil prices remain near a two-month high due to escalating geopolitical tensions and anticipated higher summer demand.
> US oil and fuel stockpiles have decreased, and gasoline demand is rising as the country enters its peak consumption period.
> Crude oil stockpiles are expected to have fallen by 3 million barrels in the week ending June 21, and gasoline stocks are also projected to have declined.
> Additionally, oil prices have been supported by ongoing Ukrainian drone attacks on Russian oil infrastructure, including hits on four refineries on June 21.

Bullish Sentiment Is Building in Oil Markets as Demand Concerns Fade
By Michael Kern - Jun 25, 2024, 10:00 AM CDT
https://oilprice.com/Energy/Energy-General/Bullish-Sentiment-Is-Building-in-Oil-Markets-as-Demand-Concerns-Fade.html

[dan_s]

US natural gas futures traded around $2.8/MMBtu due to forecasts of hotter weather and increased cooling demand. This rise followed a two-day decline to the lowest level since June 4. Meteorologists predict temperatures across the Lower 48 states will stay above normal through at least July 9, which boost the use of gas-powered generators to run air conditioners. Current gas flows to the seven major U.S. LNG export plants remain steady at 12.9 bcfd in June, matching May's figures but below the record 14.7 bcfd set in December 2023. This reduction is due to ongoing maintenance at several Louisiana facilities, including Cameron LNG, Cheniere Energy's Sabine Pass, and Venture Global's Calcasieu Pass. So far this year, gas production is down by around 7% due to delayed well completions and reduced drilling by companies like EQT and Chesapeake after prices fell to 3.5-year lows earlier in the year.