Oil & Gas Prices - June 14
Posted: Mon Jun 14, 2021 8:49 am
WTI edges 70c higher as Iranian nuclear talks heat up; Gas holds last week's gains to trade near $3.29
Opening Prices:
> WTI is up 70c to $71.61/Bbl, and Brent is up 69c to $73.38/Bbl.
AEGIS: "The Trend remains UP and Buyers are in Control above $69.85. Market-Driven hedges are available at current prices. Only a weekly close below $66.40 derails upward market momentum."
> Natural gas is up 0.0c to $3.296/MMBtu.
AEGIS: "The Trend is UP. Buyers are in Control above $3.18. A change in Trend requires a Friday close below $3.01."
AEGIS Notes
Crude oil
Oil prices continue higher as demand growth looks robust and Iranian nuclear talks drag on
The G7 announcement to donate 1 billion Covid-19 doses is a bullish sign for the oil demand recovery
Iran’s foreign ministry said Monday there was “very little time left” for world powers to resolve outstanding differences to revive a nuclear deal (Bloomberg)
Saeed Khatibzadeh, a spokesman for Iran’s Foreign Ministry, claims that a broad agreement on how to lift U.S. sanctions on Iran’s energy industry had been agreed but gave no details
Hedge funds bullishness on WTI came back strong for the week ended June 8, boosting net-long positions to a nearly three-year high (CFTC)
We often discuss hedge funds or speculator interest when positioning is either relatively high or low historically. Speculators can often exacerbate market moves on news or shifts in the oil market
As net-spec length in WTI increases to historically high levels, we often caution that on negative news or downward sentiment, funds can help cause a quick and sharp sell-off as many head for the exit at the same time
Natural Gas
Feedgas flows to U.S. LNG export facilities are ticking higher as maintenance concludes (Bloomberg)
Flows to Cameron LNG are returning online. After averaging around 1.27 Bcf/d last week, flows are back up to approximately 1.57 Bcf/d
Corpus Christi volumes are also up around 0.824 Bcf/d to around 2.39 Bcf/d
Weather forecast held relatively steady over the weekend, only losing two pop-weighted cooling degree days (CWG)
The U.S. West is still slated for record-setting heat later this week. Much of the central U.S. is also forecast to see above-average temperatures
Baker Hughes’ gas-directed drilling rig count decreased by one, to bring the total gas rig count to 96 < Not enough to increase U.S. gas production.
The primary gas basins, Marcellus and Utica, lost two rigs collectively, while the Haynesville basin gained one rig
Opening Prices:
> WTI is up 70c to $71.61/Bbl, and Brent is up 69c to $73.38/Bbl.
AEGIS: "The Trend remains UP and Buyers are in Control above $69.85. Market-Driven hedges are available at current prices. Only a weekly close below $66.40 derails upward market momentum."
> Natural gas is up 0.0c to $3.296/MMBtu.
AEGIS: "The Trend is UP. Buyers are in Control above $3.18. A change in Trend requires a Friday close below $3.01."
AEGIS Notes
Crude oil
Oil prices continue higher as demand growth looks robust and Iranian nuclear talks drag on
The G7 announcement to donate 1 billion Covid-19 doses is a bullish sign for the oil demand recovery
Iran’s foreign ministry said Monday there was “very little time left” for world powers to resolve outstanding differences to revive a nuclear deal (Bloomberg)
Saeed Khatibzadeh, a spokesman for Iran’s Foreign Ministry, claims that a broad agreement on how to lift U.S. sanctions on Iran’s energy industry had been agreed but gave no details
Hedge funds bullishness on WTI came back strong for the week ended June 8, boosting net-long positions to a nearly three-year high (CFTC)
We often discuss hedge funds or speculator interest when positioning is either relatively high or low historically. Speculators can often exacerbate market moves on news or shifts in the oil market
As net-spec length in WTI increases to historically high levels, we often caution that on negative news or downward sentiment, funds can help cause a quick and sharp sell-off as many head for the exit at the same time
Natural Gas
Feedgas flows to U.S. LNG export facilities are ticking higher as maintenance concludes (Bloomberg)
Flows to Cameron LNG are returning online. After averaging around 1.27 Bcf/d last week, flows are back up to approximately 1.57 Bcf/d
Corpus Christi volumes are also up around 0.824 Bcf/d to around 2.39 Bcf/d
Weather forecast held relatively steady over the weekend, only losing two pop-weighted cooling degree days (CWG)
The U.S. West is still slated for record-setting heat later this week. Much of the central U.S. is also forecast to see above-average temperatures
Baker Hughes’ gas-directed drilling rig count decreased by one, to bring the total gas rig count to 96 < Not enough to increase U.S. gas production.
The primary gas basins, Marcellus and Utica, lost two rigs collectively, while the Haynesville basin gained one rig