The Week Ahead For Crude Oil, Gas and NGLs Markets – June 24, 2019

CRUDE OIL US crude oil inventories posted a decrease of 3.1 MMBbl last week, according to the weekly EIA report. Gasoline and distillate inventories decreased 1.7 MMBbl and 0.6 MMBbl, respectively. The total petroleum inventories showed a decrease of 0.4 MMBbl. US crude oil production decreased 100 MBbl/d last week, per EIA. Crude oil imports were down 0.1 MMBbl/d to an average of 7.5 MMBbl/d versus the week prior. Prices started last week in a tight range as traders weighed the conflicting elements between the US and China trade issues that are having an impact on global demand and the geopolitical tensions in the Middle East. Expectations got a jump on the potential resolution of the disputes when President Trump said he would hold an extensive meeting with Chinese President Xi Jinping at the upcoming G-20 meeting between June 28-29. This news, along with the tensions between Iran and the US, provided a bid to prices as traders digested the impact of the bombing of two tankers in the Straits of Hormuz. WTI also got a positive spin from the expectation of production cuts being extended through the end of the year at the upcoming OPEC meeting July 1st and… continue reading

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Source: CTRM Center

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