Oil & Gas Prices - August 11
Posted: Wed Aug 11, 2021 8:42 am
Opening Prices:
> WTI is down 64c to $67.65/Bbl, and Brent is down 74c to $69.89/Bbl. < The roller coaster ride continues.
> Natural gas is down 5.7c to $4.032/MMBtu.
AEGIS Notes
Oil
Brent crude briefly retreats below $70/Bbl as the U.S. calls for OPEC to produce more oil (Bloomberg)
> National Security Advisor Jake Sullivan said current plans to boost output weren’t sufficient
> The White House said in a statement Wednesday that the Biden administration had urged OPEC and its partners to boost production (CNBC)
> The average unleaded gasoline price in the U.S. has averaged over $3/gal lately as oil prices recovered from pandemic lows over the past year
> “Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery,” Sullivan said in a statement < From the administration that cancelled the Keystone XL pipeline, put a moratorium on leasing of federal lands and does everything it can to slow down domestic production.
The EIA will report crude oil inventory data at 9:30 am CST
Bloomberg survey
U.S. crude oil inventories: +227 MBbl/d
U.S. gasoline inventories: -3,390 MBbl/d
U.S. distillate Inventory: +111 MBbl/d
U.S. refinery Utilization: +0.37%
Natural Gas
Heatwave takes aim for New York, U.S. East
The heatwave is expected to bring temperatures in the mid-90s and may send electricity generation to its 2021 peak so far
Heat advisories stretch from eastern Maryland to southern Maine, according to the National Weather Service. Temperatures across the Mid-Atlantic and New England will likely be 10-15 degrees above normal, and new daily records are within reach
Feedgas flows to LNG facilities have rebounded from their two-month low
Sabine Pass feedgas deliveries increase by 0.6 Bcf/d to 3.74 Bcf/d
Feedgas flows to Cameron LNG also increased by 0.3 Bcf/d
Both prompt-month contracts for the JKM and TTF benchmarks rose yesterday by 62c and 4c to $15.351, and $15.80, respectively
> WTI is down 64c to $67.65/Bbl, and Brent is down 74c to $69.89/Bbl. < The roller coaster ride continues.
> Natural gas is down 5.7c to $4.032/MMBtu.
AEGIS Notes
Oil
Brent crude briefly retreats below $70/Bbl as the U.S. calls for OPEC to produce more oil (Bloomberg)
> National Security Advisor Jake Sullivan said current plans to boost output weren’t sufficient
> The White House said in a statement Wednesday that the Biden administration had urged OPEC and its partners to boost production (CNBC)
> The average unleaded gasoline price in the U.S. has averaged over $3/gal lately as oil prices recovered from pandemic lows over the past year
> “Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery,” Sullivan said in a statement < From the administration that cancelled the Keystone XL pipeline, put a moratorium on leasing of federal lands and does everything it can to slow down domestic production.
The EIA will report crude oil inventory data at 9:30 am CST
Bloomberg survey
U.S. crude oil inventories: +227 MBbl/d
U.S. gasoline inventories: -3,390 MBbl/d
U.S. distillate Inventory: +111 MBbl/d
U.S. refinery Utilization: +0.37%
Natural Gas
Heatwave takes aim for New York, U.S. East
The heatwave is expected to bring temperatures in the mid-90s and may send electricity generation to its 2021 peak so far
Heat advisories stretch from eastern Maryland to southern Maine, according to the National Weather Service. Temperatures across the Mid-Atlantic and New England will likely be 10-15 degrees above normal, and new daily records are within reach
Feedgas flows to LNG facilities have rebounded from their two-month low
Sabine Pass feedgas deliveries increase by 0.6 Bcf/d to 3.74 Bcf/d
Feedgas flows to Cameron LNG also increased by 0.3 Bcf/d
Both prompt-month contracts for the JKM and TTF benchmarks rose yesterday by 62c and 4c to $15.351, and $15.80, respectively