|Day's Range||2.67 - 2.69|
In 2008, the natural gas rig count made a record high of 1,606. From the record level in 2008, the natural gas rig count fell ~87.9% until June 15. Between January 2008 and March 2018, US natural gas marketed production rose ~50.3%—based on the EIA’s (U.S. Energy Information Administration) monthly data. Due to rising supply, natural gas active futures have fallen 62.5% since January 2008. What’s behind the rise in natural gas supplies?
On June 19, natural gas July futures fell 1.7% and settled at $2.9 per MMBtu (million British thermal units). On the same day, Southwestern Energy (SWN), Cabot Oil & Gas (COG), and Chesapeake Energy (CHK) rose 0.2%, 1%, and 1.1%, respectively. These three stocks were the underperformers on our list of natural gas–weighted stocks. All of the natural gas–weighted stocks on our list rose despite the fall in natural gas prices.
On June 19, the API (American Petroleum Institute) released its weekly crude oil inventory report. The API reported that US crude oil inventories fell by 3 MMbbls (million barrels) on June 8–15. A Bloomberg survey estimates that US oil inventories could have declined by 2.5 MMbbls during the same period. The survey also estimates that Cushing crude oil inventories could have declined by 0.5 MMbbls on June 8–15. The EIA is scheduled to release its inventory data on June 20.
NOC (National Oil Corporation) is Libya’s state-owned oil company. On June 17, NOC said that militants attacked storage tanks at two key export terminals in Libya. The attack caused a decline in the crude oil storage capacity at the Ras Lanuf port by 400,000 barrels. Militant attacks started on June 14 at the Ras Lanuf and Es Sider oil ports.
Bloomberg New Energy Finance is now out with its yearly outlook — one that puts green energy in the driver seat and coal deep in the ground. Meanwhile, wind and solar electricity will make up 50% of the world’s energy mix — a function of the falling price of the underlying technologies as well as $548 billion being invested in storage capacity by 2050. On top of that, the report says that CO2 emissions will fall by 38% during that time.
Based on the early price action, the direction of the gold market today is likely to be determined by trader reaction to a pair of downtrending Gann angles at $1278.40 and $1281.00.
North Dakota's oil production rose nicely in April, and, with crude prices likely to remain strong, monthly output should break its old record by the end of this month.
If the weather forecast doesn’t change and the hot temperatures return late next week then I expect to see a rally. The best scenario would be for the rally to start following a test of $2.885 to $2.848.
We’re looking for the downside pressure to continue to push gold prices lower, while limiting gains. The inability to react positively to potentially bullish geopolitical events suggests the lack of buyers at this time.
China's proposed tariffs on U.S. petroleum imports, part of a mounting trade war between the two countries, would crimp sales to the shale industry's largest customer, adding new pressure on U.S. crude prices, energy executives and analysts said in interviews this week. China has said it would slap a 25 percent tariff on imports of U.S. crude, natural gas and coal on July 6 if Washington went ahead, as planned, with its own tariffs on Chinese goods that day.
Traders are pricing in a hike in output, but the size and the timing of the move is uncertain. Furthermore, Saudi Arabia and Russia, who favor increased production, are facing resistance from Venezuela, Iran and Iraq, who oppose the move.
Natural gas markets broke down almost immediately on Tuesday, reaching down to the $2.90 level early in the session. The last couple of days have been brutal, and that shows just how difficult the $3.00 level could end up being.
Greece’s withering economy could use the extra income from oil & gas production, but so far, the country has only seen a few exploration successes
The world’s soon-to-be top liquefied natural gas exporter is looking to import fuel due to a looming gas shortage which could threaten its growing market share
BP has seen steady growth of late, led by better price realizations for its upstream business. Oil prices have moved this year amid lower inventory levels due to OPEC production cuts, as well as other geopolitical factors. 2017 was a good year for oil companies, as growth in benchmark crude prices boosted their margins.
As we saw in the previous part of this series, Southwestern Energy’s (SWN) stock price increased ~6.0% for the week ended June 15. During the week, natural gas (BOIL) prices rose 5.0%. So, SWN’s stock price outperformed natural gas prices last week. In this part, we’ll look at the correlation between SWN stock and natural gas prices.
Investing.com - Oil prices saw mixed signs in midmorning trade on Tuesday as disagreements among major producers over output curbs continued ahead of a key meeting in Vienna on Thursday and Friday.
July WTI crude oil futures were trading above their 100-day and 200-day moving averages of $65.46 per barrel and $60.36 per barrel, respectively, on June 18. These levels could be key support levels for WTI oil prices.
According to Bloomberg, the crude oil production from OPEC and non-OPEC producers is expected to increase by 300,000 bpd–600,000 bpd (barrels per day) in OPEC’s upcoming meeting. The possibility of a lower hike in crude oil production from OPEC and Russia supported oil prices on June 18. Russia proposed a combined production increase of 1,500,000 bpd.
The S&P 500 fell ~0.21% to 2,773.75 on June 18. Trade wars between the US and China pressured the S&P 500 on the same day. However, increased crude oil prices and energy stocks helped the S&P 500 rebound from the day’s low. Seven out of the ten key sectors in the S&P 500 declined on June 18.
The S&P 500’s top gainers on June 18 were: Cimarex Energy (XEC) gained 5.7%. Advanced Micro Devices (AMD) gained 4.7%. Noble Energy (NBL) gained 3.4%. Newfield Exploration (NFX) gained 3.1%. CF Industries Holdings (CF) gained 3.1%. Cimarex Energy
With growing Permian production and infrastructure constraints, the Midland-WTI crude oil price differential and the Waha–Henry Hub natural gas price basis differential have widened since the beginning of 2018.
U.S. petroleum company Anadarko has placed staff working at its liquefied natural gas plant in northern Mozambique under "lock-down" due to the threat from suspected Islamist militants in the ...
Silver markets were very choppy during the trading session on Monday, as we returned from the weekend. We are sitting above the vital $16.50 level and catching her breath after a major meltdown on Friday. So the question now is whether we get more of the same selling pressure, or are we trying to find our footing?
Crude oil markets turned around significantly during the day on Monday, as we have seen support command just below the uptrend line that had to find the market for so long. As we await the crucial Friday OPEC meeting, it makes sense that there is a certain amount of volatility.