Oil & Gas Prices - Feb 1

[dan_s]

Opening Prices:
> WTI is up $0.42 to $79.29/bbl, and Brent is up $0.19 to $85.65/bbl.
> Natural gas is down -3.3c to $2.651/MMBtu.

AEGIS Notes
Oil

Oil extends gains ahead of Fed’s monetary policy decision
> March ’23 WTI gained 42c this morning to trade around $79/Bbl
> OPEC’s technical committee met today to discuss crude production levels; the committee made no recommendation to change the group's existing production policy. OPEC’s announcement came after Secretary-General Haitham Al-Ghais advised that the group is “cautiously optimistic” concerning the global economy earlier this month
> The market also expects the U.S. Fed to raise interest rates by 25 basis points today

New York State is buying high volumes of gasoline and diesel from India, one of the main buyers of Russian oil (Bloomberg)
> Around 89 MBbl/d of Indian gasoline and diesel will arrive in New York this month, the highest amount in over four years
> This volume amounts to more than 40% of the region's total imports for January, according to Kpler
> These imports are an important substitute for the European fuel shipments that have slowed recently and are expected to decline even more once new Russian sanctions start on February 5
> The East Coast's inventories of diesel and heating oil are at their lowest levels for this time of year, while gasoline supplies have reached decade-low levels
MY TAKE: Because New York State and the other New England states won't approve new pipelines or fracing (New York has some of the highest Marcellus rock in the region), their citizens have much higher fuel prices than we do in Texas.

[dan_s]

'Pipe-Bursting' Cold Blast Headed For Northeast | ZeroHedge

Single digit lows coming to New England on Friday, an area that uses a lot of oil for space heating.