Energy Prospectus

OPening Prices
> WTI is down $0.68 to $77.58/bbl, and Brent is down $0.61 to $81.86/bbl.
> Natural gas is up 9.2c to $3.198/MMBtu.

AEGIS NOTES
Oil

Oil prices are lower ahead of EIA inventory report
The API is estimating US crude inventories rose 1.3 MMBbls last week
The US Dollar is trading higher following a string of losses

Chinese refineries cut throughput in October
Oil refiners in China reduced utilization rates last month amid weak margins and demand, with throughput falling to 15.12 MMBbl/d from a record of 15.54 MMBbl/d in September
Apparent oil demand in China fell in October by 2.4% to 14.87 MMBbl/d
Energy Aspects said, “Weak refining runs weigh more on teapots, while there are limited cuts from majors due to less product exports”
The lower Chinese demand may be having a bearish impact on global crude prices, with Brent down 13% from the end of September

Federal court orders Biden administration to sell Gulf of Mexico leases
A federal appeals court has ordered that the Biden administration must sell oil leases in the Gulf of Mexico within 37 days, in a defeat to environmental groups attempting to secure protections for an endangered whale species
The auction is set to be the last Gulf of Mexico lease sale until at least 2025

Closing Prices
> Prompt-Month WTI (Dec 23) was down $-1.60 on the day, to settle at $76.66
> Prompt-Month Henry Hub (Dec 23) was up $0.084 on the day, to settle at $3.190