Oil & Gas Prices - Jan 30

[dan_s]

Trading Economics:

WTI Oil
"WTI crude oil futures rose above $73 per barrel on Friday, extending gains from the previous session, as traders awaited further clarity on President Trump's looming tariff deadline. Trump reaffirmed plans to impose 25% tariffs on Canada and Mexico starting Saturday but indicated he was still considering whether to exempt oil from the levies. Canada and Mexico are the two largest crude exporters to the US. Meanwhile, investors are also looking ahead to the OPEC+ meeting scheduled for February 3, as Trump pressures the group, particularly Saudi Arabia, to lower oil prices. Traders expect OPEC+ to maintain its current supply policy, with additional supply increases only starting in April. For the month, oil is on track for a second consecutive monthly gain, driven by early reports of US sanctions on Russia and cold weather in the US."

Henry Hub NGas
"US natural gas futures fell almost 2% toward $3.11/MMBtu, their lowest since early December, as forecasts pointed to milder weather and weaker demand next week. Meteorologists expect temperatures in the Lower 48 states to stay mostly above normal through Feb. 7 before returning to near-normal levels from Feb. 8-14. < WeatherBell.com is forecasting a return to colder than normal weather after the first two weeks of February.
Meanwhile, the EIA reported a massive gas withdrawal due to last week’s extreme cold. U.S. utilities pulled 321 billion cubic feet (bcf) from storage for the week ending Jan. 24—well above last year’s 234 bcf drop and the five-year average draw of 189 bcf. This marked only the fourth time a weekly withdrawal exceeded 300 bcf, though it fell short of the record 359 bcf draw in January 2018. The decline erased the small gas surplus over the five-year average for the first time since January 2022. < NGas in storage is now 111 Bcf below the five-year average of 2,682 Bcf.