The Week Ahead For Crude Oil, Gas and NGLs Markets – August 19, 2019

CRUDE OIL US crude oil inventories posted an increase of 1.6 MMBbl last week, according to the weekly EIA report. Gasoline inventories decreased 1.4 MMBbl, while distillate inventories also decreased, shedding 1.9 MMBbl/d. Total petroleum inventories posted a build of 2.4 MMBbl. US crude oil production was flat versus the week before, per EIA, while crude oil imports were up 0.57 MMBbl/d, to an average of 7.7 MMBbl/d. Prices finally got some bullish news early last week after taking a pounding with the announcement of an additional 10% in tariffs on $300 billion of Chinese goods, when the Trump administration announced delaying imposing the 10% tariff on certain items until December rather than September. Cellphones, laptops, and other consumer products showed an easing of the escalating trade tensions that have developed between the world’s largest economies. The market was also reassured that Saudi Arabia will do whatever it takes to support prices and is in discussion with other members to achieve this outcome. The OPEC report released on Friday confirmed that the Kingdom has reduced production 134 MBbl/d from June to July. The market is expecting the Saudis to limit exports to under 7 MMBbl/d during August and September, in… continue reading

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Source: CTRM Center

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