Nat Gas News – July 13, 2020 Berkshire’s bet on LNG underscores value of existing export facilities Warren Buffett decided to bet on U.S. LNG at a time of tremendous uncertainty for global gas markets. Global LNG demand has taken a massive hit from the coronavirus pandemic and could take years to recover. Utilization rates […]
A late-breaking price rally on Friday brought crude oil prices back above the $40/bbl threshold, where they remain this morning despite a downward turn. Rising optimism across all financial markets helped deliver a strong close in equities and commodities last week. In addition, NY fuel prices (the trading point for NYMEX diesel and RBOB futures) […]
Yesterday brought a sharp break from the oil market’s earlier stability. Crude prices shed over $1/bbl as several companies, including Wells Fargo and United Airlines, announced employee layoffs following a dismal jobs report. Unemployment claims have fallen precipitously from their March peak but remain double the highs of the 2008-09 recession. Rising coronavirus cases in […]
WTI Crude finished the week lower after cruising to mid-week relatively flat. Demand concerns early in the week were offset by the EIA increasing the 2021 crude demand forecast by 10% which helped lift markets on Wednesday. While some headlines pointed toward rising prices, the market fell to close the week on mixed inventory news, […]
Natural Gas News – July 9, 2020 Natural Gas Price Fundamental Daily Forecast – Robust Cooling Demand Could Drive Market to $2.00 Exports of natural gas by pipeline are the largest component of U.S. natural gas trade, accounting for 40% of all U.S. gross natural gas exports in 2019. EIA expects these exports to increase […]
Wednesday’s EIA report helped break the market outside of its 5-cent range within which it has closed this week, but only just barely. Despite a headline build in crude inventories, the market ended the day roughly 30 cents higher – not even 1% up. After months of 5-10% daily swings, it’s remarkable how calm markets […]
The EIA published its monthly Short-Term Energy Outlook yesterday, and the news is helping to keep prices from sliding amid higher COVID-19 cases. The US yesterday posted another record-breaking day for infections, reporting roughly 60,000 new cases throughout the country. With some states reversing reopening, many fear a return to low regional demand in some […]
April Shows Record Crude Inventory Increase No surprise, April was a pretty rough month for the petroleum industry. Demand plummeted, prices turned negative, and inventories swelled. As it turns out, inventories actually rose faster than they ever have, adding 47 million barrels (+10%) in April. Click here to read more from the EIA. Russian […]
Oil markets are rising gently this morning after yesterday brought no change in price direction. This week the market will be sharply focused on July 4 demand data. Each year, millions of consumers hit the roads to see family and friends and gather for fireworks; this year, many of those plans were cancelled. The EIA’s […]
Nat Gas News – July 6, 2020 Warren Buffett’s Berkshire Buys Dominion Energy Natural Gas Assets in $10 Billion Deal Warren Buffett’s Berkshire Hathaway is finally pulling the trigger. The conglomerate is spending $4 billion to buy the natural gas transmission and storage assets of Dominion Energy. Including the assumption of debt, the deal totals […]
