|Day's Range||2.74 - 2.74|
Oil prices under pressure Friday after data this week showed record oil production. The week’s losses are set to stand out.
In December 2017 China pumped natural gas at its highest rate in 3 years, as it attempted to make up for shortages of the fuel in the northern parts of the country
Investing.com - Natural gas futures declined on Thursday, falling to the lowest levels of the session after data showed that domestic supplies in storage fell less than forecast last week.
There is little doubt that China's voracious appetite for liquefied natural gas (LNG) is the prime mover behind the spot price for the fuel reaching its highest in more than three years, but what happens next? The current market view seems to be that China will suck up the super-chilled fuel as it continues efforts to switch to natural gas from coal as part of efforts to lower air pollution. While that's a reasonable assumption, it doesn't answer the question as to how the Asian spot LNG price (LNG-AS) will be affected by the seasonal drop in demand over the northern summer.
We’re going to need a blowout EIA number to continue the rally as temperatures turn mild over the next week.
China's natural gas output rose in December to the highest monthly rate since at least 2014 as state energy firms rushed to fill a supply gap sparked by surging winter demand from a drive to switch millions of households to gas from coal for heating. Companies produced 13.6 billion cubic metres (bcm) of gas in December, up from 12.6 bcm in November, pushing up output for the whole of 2017 by 8.5 percent to 147.4 bcm, data from the National Statistics Bureau (NSB) showed on Thursday. Beijing last year ordered millions of households and industrial plants in 28 northern Chinese cities to change to gas heating from coal as part of its war against pollution.
Crude oil prices are trading mixed early Thursday, following the release of the API inventories report that showed the seventh large crude draw in seven weeks.
Oil majors are divided on whether Iraq is a profitable destination for producing crude, with Shell leaving the country while Chevron looks to return
Investing.com - Natural gas futures bounced back on Wednesday, re-approaching their highest level in around two months as investors speculated this week’s supply report will show another hefty drop as cold weather boosts demand.
Investing.com - Crude oil prices remained under pressure on Wednesday, although they were still hovering within close distance of recent multi-year highs, as investors remained cautious ahead of the weekly U.S. supply report due on Thursday.
After successful portfolio optimization and favorable tax changes, Shell (RDS.A) plans to ramp up its North Sea output through core production assets.
After last week’s volatility, prices appear to be consolidating as traders continue to monitor the winter weather forecasts to gauge current heating needs.
We know that over the long-run, crude oil prices are likely to continue to be underpinned by the solid economy with strong oil demand tightening global oil inventories, however, we do feel that prices are ahead of the fundamentals and likely due for a short-term correction.
It’s been a wild 24-hours for the U.S. Dollar. The Euro, which tends to control the direction of the dollar index, posted a similar more. The inside chart pattern typically indicates investor indecision and impending volatility.
Natural gas prices remained above support but were down on the session because of a mixed weather forecast, which means that heating demand will likely be in a normal range for this time of year. The latest inventory report showed a larger than expected draw, and expectations are that inventories will continue to remain below the 5-year average range.