Oil & Gas Prices - Sept 29
Posted: Fri Sep 29, 2023 12:52 pm
Opening Prices:
> WTI is up $1.28 to $92.99/bbl, and Brent is up $0.67 to $96.05/bbl.
> Natural gas is down -6.5c to $2.88/MMBtu.
At 1:45 ET
> WTI down to $90.75
> HH ngas up to $2.94
Trading Economics:
"WTI crude futures traded around $92 per barrel on Friday and were set to close both the month and the quarter higher as tightening global supplies outweighed demand uncertainties. The US oil benchmark is up about 10% so far in September and about 30% in the third quarter. Oil rallied as OPEC+ majors Saudi Arabia and Russia extended a combined supply cut of 1.3 million barrels per day through the end of the year, stoking fears of a wider market deficit in the fourth quarter. Russia also imposed restrictions on fuel exports to stabilize its domestic market, while US crude inventories continued to decline. Investors now look ahead to an OPEC meeting on October 4 for more clues on production policies. Meanwhile, traders remained cautious about heightened global economic uncertainties and a hawkish monetary policy outlook in the US."
MY TAKE: The Paper Traders sent the daily price of oil. Wild range and high volume this week, so the traders move back to cash for the weekend.
"US natural gas futures rose to above $2.9/MMBtu due to strong demand and slightly reduced production. Gas production in September was 102.0 billion cubic feet per day, down from August's record high of 102.3 bcfd. Also, warmer-than-normal weather forecasts until October 6 are supporting gas demand despite the shoulder period with typically lower power demand. Furthermore, gas flows to US LNG export facilities have been rising and pipeline exports to Mexico reached 7.2 bcfd in September. However, feedgas remained steady at around 12.1 bcfd for a second consecutive day, following a 4-week low of 11.5 bcfd due to maintenance at facilities like Cove Point and production reductions at other plants. Meanwhile, the EIA reported a slightly larger-than-expected weekly increase in gas inventory, with US utilities adding 90 bcf during the week ending September 22, exceeding market expectations of 88 bcf."
> WTI is up $1.28 to $92.99/bbl, and Brent is up $0.67 to $96.05/bbl.
> Natural gas is down -6.5c to $2.88/MMBtu.
At 1:45 ET
> WTI down to $90.75
> HH ngas up to $2.94
Trading Economics:
"WTI crude futures traded around $92 per barrel on Friday and were set to close both the month and the quarter higher as tightening global supplies outweighed demand uncertainties. The US oil benchmark is up about 10% so far in September and about 30% in the third quarter. Oil rallied as OPEC+ majors Saudi Arabia and Russia extended a combined supply cut of 1.3 million barrels per day through the end of the year, stoking fears of a wider market deficit in the fourth quarter. Russia also imposed restrictions on fuel exports to stabilize its domestic market, while US crude inventories continued to decline. Investors now look ahead to an OPEC meeting on October 4 for more clues on production policies. Meanwhile, traders remained cautious about heightened global economic uncertainties and a hawkish monetary policy outlook in the US."
MY TAKE: The Paper Traders sent the daily price of oil. Wild range and high volume this week, so the traders move back to cash for the weekend.
"US natural gas futures rose to above $2.9/MMBtu due to strong demand and slightly reduced production. Gas production in September was 102.0 billion cubic feet per day, down from August's record high of 102.3 bcfd. Also, warmer-than-normal weather forecasts until October 6 are supporting gas demand despite the shoulder period with typically lower power demand. Furthermore, gas flows to US LNG export facilities have been rising and pipeline exports to Mexico reached 7.2 bcfd in September. However, feedgas remained steady at around 12.1 bcfd for a second consecutive day, following a 4-week low of 11.5 bcfd due to maintenance at facilities like Cove Point and production reductions at other plants. Meanwhile, the EIA reported a slightly larger-than-expected weekly increase in gas inventory, with US utilities adding 90 bcf during the week ending September 22, exceeding market expectations of 88 bcf."