The Week Ahead For Crude Oil, Gas and NGLs Markets – September 16, 2019

CRUDE OIL US crude oil inventories posted a decrease of 6.9 MMBbl last week, according to the weekly EIA report. Gasoline inventories decreased 0.7 MMBbl, while distillate inventories increased 2.7 MMBbl/d. Total petroleum inventories posted a decline of 3.1 MMBbl. US crude oil production was flat week over week per EIA, while crude oil imports were down 0.2 MMBbl/d to an average of 6.7 MMBbl/d. WTI opened last week on solid footing with comments by the Chinese Ministry of Commerce that US and Chinese officials would meet in October to resume negotiations on trade disputes and intellectual property rights. This news was followed by further commitments by the new Saudi energy minister, Prince Abdulaziz bin Salman, that Saudi Arabia will remain committed to the supply cuts and manage supplies to the potential demand declines associated with the global economic slowdown. Of course, that was before the early Saturday morning attack against key Saudi oil installations by Houthi rebels. The attack struck the Abqaiq stabilization and processing facility, resulting in the immediate loss of 5.7 MMBbl/d of Saudi crude production (over half of the country’s total output). Saudi Aramco aims to restore 2 MMBbl/d on Monday. Expectedly, Brent and WTI were… continue reading

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