Opening Prices:
WTI is up 10c to $61.78/Bbl, and Brent is up 5c to $67.97/Bbl
Natural gas is down 8.2c to $2.212/MMBtu
WTI is more than $19/bbl higher than it was a year ago. I assumed $55/bbl WTI in all of my Q4 forecasts, so Q4 cash flow from operations should exceed my forecasts for a majority of the Sweet 16 and Small-Cap Growth Portfolio stocks.
Because of the holidays, the EIA's weekly Petroleum Report will be delayed until 11:00AM ET.
Oil & Gas Prices - Dec 27
Oil & Gas Prices - Dec 27
Last edited by dan_s on Fri Dec 27, 2019 10:39 am, edited 1 time in total.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil & Gas Prices - Dec 27
NGL prices should get a boost in Q1 from this.
Per EIA on 12/27/2019: "Propane inventories in the Midwest totaled 20 million barrels as of December 13, or 4.7 million barrels (19%) below the previous five-year (2014-18) average. Lower-than-average propane inventories were driven by both higher consumption and lower supply. A late and wet corn harvest in the Midwest resulted in increased agricultural propane demand, while supply of propane was lower because of disruptions to rail shipments from Canada. This situation is similar to the events of winter 2013-14 when extremely tight propane supplies in the Midwest led to record-level spot and retail prices."
Read more: https://www.eia.gov/petroleum/weekly/ar ... _print.php
Per EIA on 12/27/2019: "Propane inventories in the Midwest totaled 20 million barrels as of December 13, or 4.7 million barrels (19%) below the previous five-year (2014-18) average. Lower-than-average propane inventories were driven by both higher consumption and lower supply. A late and wet corn harvest in the Midwest resulted in increased agricultural propane demand, while supply of propane was lower because of disruptions to rail shipments from Canada. This situation is similar to the events of winter 2013-14 when extremely tight propane supplies in the Midwest led to record-level spot and retail prices."
Read more: https://www.eia.gov/petroleum/weekly/ar ... _print.php
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil & Gas Prices - Dec 27
Russia’s oil output excluding condensate down 240,0000 bpd in Dec – Interfax
27/12/2019
Russia has reduced its oil output excluding gas condensate by 240,000 barrels per day so far in December compared with levels in October 2018, the baseline month, the Interfax news agency quoted Energy Minister Alexander Novak as saying.
Russia has pledged to cut its oil production including gas condensate, a light oil, by 228,000 bpd as part of a global deal.
Novak said earlier this week that Russia’s 2019 oil output was estimated at a record high 560 million tonnes (11.25 million barrels per day).
Source: Reuters
27/12/2019
Russia has reduced its oil output excluding gas condensate by 240,000 barrels per day so far in December compared with levels in October 2018, the baseline month, the Interfax news agency quoted Energy Minister Alexander Novak as saying.
Russia has pledged to cut its oil production including gas condensate, a light oil, by 228,000 bpd as part of a global deal.
Novak said earlier this week that Russia’s 2019 oil output was estimated at a record high 560 million tonnes (11.25 million barrels per day).
Source: Reuters
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil & Gas Prices - Dec 27
Oil Min.: Kuwait commmitted to OPEC production quota
in Oil & Companies News 27/12/2019
Kuwait’s Minister of Oil and Minister of Electricity and Water Dr. Khaled Al-Fadhil has reaffirmed his country’s commitment to OPEC Plus agreement on production cut.
In statements to KUNA on Tuesday, he assured that Kuwait would remain adherent to its production quota as per the OPEC Plus agreement even after the resumption of production of the oilfields in the Divided Zone with Saudi Arabia.
He emphasized the importance of OPEC’s production cut.
The minister hailed Kuwait’s signing today on an agreement and a memorandum of understanding with the Kingdom of Saudi Arabia regarding the resumption of oil production from the Divided Zone.
He voiced great confidences in the Kuwait Gulf Oil Company (KGOC)’s staff, hoping the production would back to normal levels soon.
Earlier in the day, Kuwait Foreign Minister Sheikh Ahmad Nasser Al-Mohammad Al-Sabah and Saudi Minister of Energy Prince Abdulaziz bin Salman signed an agreement to divide the neutral zone between both countries.
Kuwaiti Minister of Oil Al-Fadhel and his Saudi counterpart Prince Abdulaziz inked a memorandum of understanding pertaining to the measures of resuming the output between the two sides.
The KGOC represents Kuwait in the neutral zone and is responsible for exploring and producing oil in several fields in this area.
Saudi Arabia’s Chevron Company carries out the output operations in the zone in partnership with the KGOC.
Source: MENAFN
in Oil & Companies News 27/12/2019
Kuwait’s Minister of Oil and Minister of Electricity and Water Dr. Khaled Al-Fadhil has reaffirmed his country’s commitment to OPEC Plus agreement on production cut.
In statements to KUNA on Tuesday, he assured that Kuwait would remain adherent to its production quota as per the OPEC Plus agreement even after the resumption of production of the oilfields in the Divided Zone with Saudi Arabia.
He emphasized the importance of OPEC’s production cut.
The minister hailed Kuwait’s signing today on an agreement and a memorandum of understanding with the Kingdom of Saudi Arabia regarding the resumption of oil production from the Divided Zone.
He voiced great confidences in the Kuwait Gulf Oil Company (KGOC)’s staff, hoping the production would back to normal levels soon.
Earlier in the day, Kuwait Foreign Minister Sheikh Ahmad Nasser Al-Mohammad Al-Sabah and Saudi Minister of Energy Prince Abdulaziz bin Salman signed an agreement to divide the neutral zone between both countries.
Kuwaiti Minister of Oil Al-Fadhel and his Saudi counterpart Prince Abdulaziz inked a memorandum of understanding pertaining to the measures of resuming the output between the two sides.
The KGOC represents Kuwait in the neutral zone and is responsible for exploring and producing oil in several fields in this area.
Saudi Arabia’s Chevron Company carries out the output operations in the zone in partnership with the KGOC.
Source: MENAFN
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil & Gas Prices - Dec 27
The U.S. Dollar Index - https://www.marketwatch.com/investing/index/dxy - has been drifting lower since mid-October.
This is a bit of a tailwind for oil prices and all commodity prices.
This is a bit of a tailwind for oil prices and all commodity prices.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group