Oil & Gas Prices - Oct 30
Posted: Fri Oct 30, 2020 9:55 am
Opening Prices:
> WTI is down 34c to $35.83/Bbl, and Brent is down 9c to $37.56/Bbl.
> Natural gas is down 1.2c to $3.289/MMBtu.
A rough week for WTI. When it broke thru keep support levels at $38.50 and $38.00 it triggered a lot of stop loss automated trades. On the other hand, natural gas got a boost from a bullish storage report on Thursday.
Aegis Energy:
"U.S. natural gas storage increased well below analysts expectations last week, while a withdrawal is expected for this week’s gas week, according to Platts
The highwater mark for “End of Season Storage” looks to be 3.955 Tcf as gas built by 29 Bcf last week < If EIA reports a draw from storage for the week ending October 30 it will be the first draw from October in over 20 years and compare to a 5-year average build for the same week of 51 Bcf.
The injection was much less than the 89 Bcf build reported during the same week last year as well as the five year average gain of 67 Bcf, according to EIA data
Hurricane Zeta made landfall two days ago and offshore gas production is down 57.6%, or 1.5 Bcf/d, according to the Bureau of Safety and Environmental Enforcement (BSEE)
AEGIS notes that shut-ins in the Gulf are reducing total U.S. supply at the same time that strong LNG exports and colder weather bolster demand
> WTI is down 34c to $35.83/Bbl, and Brent is down 9c to $37.56/Bbl.
> Natural gas is down 1.2c to $3.289/MMBtu.
A rough week for WTI. When it broke thru keep support levels at $38.50 and $38.00 it triggered a lot of stop loss automated trades. On the other hand, natural gas got a boost from a bullish storage report on Thursday.
Aegis Energy:
"U.S. natural gas storage increased well below analysts expectations last week, while a withdrawal is expected for this week’s gas week, according to Platts
The highwater mark for “End of Season Storage” looks to be 3.955 Tcf as gas built by 29 Bcf last week < If EIA reports a draw from storage for the week ending October 30 it will be the first draw from October in over 20 years and compare to a 5-year average build for the same week of 51 Bcf.
The injection was much less than the 89 Bcf build reported during the same week last year as well as the five year average gain of 67 Bcf, according to EIA data
Hurricane Zeta made landfall two days ago and offshore gas production is down 57.6%, or 1.5 Bcf/d, according to the Bureau of Safety and Environmental Enforcement (BSEE)
AEGIS notes that shut-ins in the Gulf are reducing total U.S. supply at the same time that strong LNG exports and colder weather bolster demand