Blog

CES Spotlight Blog

RSS
  Blog Categories
  Authors
September 18th, 2017

Market Summary for Week of September 11 - 15, 2017

by Kelsey Berger and Michelle Tham, Energy Analysts

Synopsis of Last Week's Energy Markets

WTI and Brent both continued to move downward last week, a general trend since late June. Both OPEC and the International 
Energy Agency lowered their 2015 global demand forecasts, and the EIA reported a forecast for a 1 million barrel increase in 
domestic production for 2015 over 2014 estimates. Natural gas prices capped a weekly gain last week on forecasts for lingering 
heat and on speculation that low gas prices will boost demand from electricity generators. Thursday's EIA storage report brought 
news of the largest gain in seven weeks, cutting the deficit to the five-year average levels to 14.2%

Crude oil rallied last week, with the prompt month gaining over 5%. Distillates and gasoline saw more modest gains of 2-3% for contracts in the next twelve months. Global demand forecasts are strong, while production cuts and disruptions are impacting the supply side. Natural gas prices rebounded from last week’s lows as forecasts turned warm and electricity demand began making recovery in the south after Hurricane Irma. Inventory rose more than normal last week, bringing the storage surplus to 1.3% to the 5-year average.

Read More »

September 11th, 2017

Market Summary for Week of September 4 - 8, 2017

by Kelsey Berger and Michelle Tham, Energy Analysts

Synopsis of Last Week's Energy Markets

WTI and Brent both continued to move downward last week, a general trend since late June. Both OPEC and the International 
Energy Agency lowered their 2015 global demand forecasts, and the EIA reported a forecast for a 1 million barrel increase in 
domestic production for 2015 over 2014 estimates. Natural gas prices capped a weekly gain last week on forecasts for lingering 
heat and on speculation that low gas prices will boost demand from electricity generators. Thursday's EIA storage report brought 
news of the largest gain in seven weeks, cutting the deficit to the five-year average levels to 14.2%

Prompt month crude oil gained last week while the other months held steady or declined. The restoration of refining capacity in the Gulf is expected to pare down the large build in crude stocks due to Hurricane Harvey. Natural gas prices fell 6% last week as traders looked ahead to Hurricane Irma to bringing cool weather and power outages when it made landfall in Florida. The EIA reported a larger than average storage gain last week following similar outages in the wake of Tropical Storm Harvey in Texas and Louisiana.

Read More »

September 5th, 2017

Market Summary for Week of August 28 - September 1, 2017

by Kelsey Berger and Michelle Tham, Energy Analysts

Synopsis of Last Week's Energy Markets

WTI and Brent both continued to move downward last week, a general trend since late June. Both OPEC and the International 
Energy Agency lowered their 2015 global demand forecasts, and the EIA reported a forecast for a 1 million barrel increase in 
domestic production for 2015 over 2014 estimates. Natural gas prices capped a weekly gain last week on forecasts for lingering 
heat and on speculation that low gas prices will boost demand from electricity generators. Thursday's EIA storage report brought 
news of the largest gain in seven weeks, cutting the deficit to the five-year average levels to 14.2%

Crude oil and refined products have been on a short roller coaster ride due to Hurricane Harvey. With its impacts on Gulf Coast refineries, gasoline and diesel prices climbed last week but are stabilizing as refining activity resumes normal operations. Natural gas prices rose 5% last week amid halted production and depressed power burn demand in the wake of then-Hurricane Harvey. Inventory levels are typical for this time of year, with the surplus narrowing to just 0.3% to the 5-year average.

Read More »

August 28th, 2017

Market Summary for Week of August 21 - 25, 2017

by Kelsey Berger and Michelle Tham, Energy Analysts

Synopsis of Last Week's Energy Markets

WTI and Brent both continued to move downward last week, a general trend since late June. Both OPEC and the International 
Energy Agency lowered their 2015 global demand forecasts, and the EIA reported a forecast for a 1 million barrel increase in 
domestic production for 2015 over 2014 estimates. Natural gas prices capped a weekly gain last week on forecasts for lingering 
heat and on speculation that low gas prices will boost demand from electricity generators. Thursday's EIA storage report brought 
news of the largest gain in seven weeks, cutting the deficit to the five-year average levels to 14.2%

Crude oil prices ended the week very close to where they started, with futures very tightly clustered around $48-49 per barrel. Heavy rains and flooding brought by Hurricane Harvey are causing refinery shutdowns in the Gulf Coast area, boosting prices for distillates and gasoline. Natural gas prices rose and fell last week but saw little change week-over-week. The storage surplus is nearing the 5-year average ahead of the shoulder season and Hurricane Harvey has had a mixed impact on the market as it halts both production and electricity delivery along the Gulf.

Read More »

August 21st, 2017

Market Summary for Week of August 14 - 18, 2017

by Kelsey Berger and Michelle Tham, Energy Analysts

Synopsis of Last Week's Energy Markets

WTI and Brent both continued to move downward last week, a general trend since late June. Both OPEC and the International 
Energy Agency lowered their 2015 global demand forecasts, and the EIA reported a forecast for a 1 million barrel increase in 
domestic production for 2015 over 2014 estimates. Natural gas prices capped a weekly gain last week on forecasts for lingering 
heat and on speculation that low gas prices will boost demand from electricity generators. Thursday's EIA storage report brought 
news of the largest gain in seven weeks, cutting the deficit to the five-year average levels to 14.2%

Crude oil appeared to be heading for a large drop last week only to jump 3% on Friday, erasing most of the week’s losses. Indicators for crude oil demand for the US and China were bearish on prices, but a drop in the active oil rig count sent prices upward on Friday. Natural gas prices declined 3% last week, retreating from the previous week’s rally amid mixed weather forecasts. Prices fell every day except Thursday, when the EIA reported that the storage surplus has narrowed to 1.8% to the 5-year average.

 

Read More »

« 1 2 3 4 5 »