Oil and Gas prices - Oct 9

[dan_s]

Good news that support level at $73 held today. Next lower support level is $71.

Trading Economics:
WTI crude oil futures fell 0.4% to $73.2 per barrel on Wednesday, following a 4.6% drop the previous day, driven by weak demand and increasing supply.
> EIA data showed a 5.810 million barrel increase in US crude inventories, above market expectations of 2 million barrels, compared with API data of nearly 11 million. < Gasoline and Distillates inventories declined much more than expected.
> Additionally, the US EIA revised its 2025 demand forecast downwards, citing economic slowdowns in China and North America, further pressuring oil prices.
> Tuesday, oil prices dropped due to news of a possible ceasefire between Hezbollah and Israel, though concerns persist about potential Israeli strikes on Iran's oil facilities. < IMO these rumors of a ceasefire are worthless. Iran and Hezbollah will not abide by any agreement.
> Also, the return of Libyan oil exports is pressuring crude prices across the North Sea and Mediterranean, as local refiners reduce purchases of crudes from outside the region.
> Meanwhile, Hurricane Milton is expected to hit Florida's Gulf Coast, which could disrupt gasoline supplies in one of the US's largest consuming states.

US natural gas futures declined below $2.7/MMBtu as Hurricane Milton approached Florida, raising concerns about potential disruptions to both demand and production. Natgas prices reached a three-month high of $3 level last week but fell sharply ahead of the storm's formation.
> Hurricane Milton, currently a Category 3, is expected to strengthen and make landfall on Florida’s Gulf Coast midweek, prompting evacuation warnings.
> Power restoration efforts are still underway following Category 4 Hurricane Helene, with 275,000 customers across the Southeast awaiting service.
> Despite the storms, national natural gas demand is projected to remain light for the next 15 days. Production levels also stayed low, with output estimated at 101.2 Bcf/d as companies reduced activity in response to weak prices.

[aja57]

Looks like a shift in Investment funds thinking on oil
https://x.com/Barchart/status/1844553479483686978