Extract from crude oil:Unsurprisingly, WTI spreads have been on a wild ride. Prompt spreads have come off over $1 in the last week, as ways to resupply Cushing are becoming a bit clearer. The restart of Syncrude’s Mildred Lake upgrader 10 days earlier than initially announced will also help..
European oil demand plummeted by 0.43 mb/d y/y to 15.04 mb/d in May, led by a 0.34 mb/d y/y decline in German demand, which dragged EU-5 demand lower by 0.31 mb/d. While German demand has been weak, it is unlikely to have been as weak as the data suggest; indeed, German demand has been consistent..
Extract from production:The big news in Canada has continued to be the outage at the Syncrude Mildred Lake upgrader. The 0.35 mb/d facility experienced a power outage on 20 June from a blown transformer, strengthening the Canadian crude complex. Synthetic crude rallied by $1.70 per barrel vs WTI..
Oil demand in the 10 top-consuming Middle Eastern countries (ex-bunkering) dropped by 71 thousand b/d y/y to 6.38 mb/d in May. Saudi Arabian demand fell by 23 thousand b/d y/y to 2.51 mb/d, with a mixed performance across products. Crude burn in the Kingdom fell heavily, by 0.19 mb/d y/y to 0.41..
Thursday’s EIA report (week ended 13 Jul) – EA Final Estimate: +56 bcfWe forecast Thursday’s EIA report will show a 56 bcf injection. A week of relatively mild temperatures across the country—after the heatwave in the Northeast dissipated—led to a 15% w/w drop in population-weighted cooling degre..
Aggregate gas demand was mixed across Europe in June, driven by varying regional generation dynamics. Gas demand in Spain, Italy, France, and Germany edged lower y/y as power demand was met by sharp increases in hydro generation, curbing thermal output. But hot, settled conditions cut wind genera..
Please note that users licensed for the data service can access our South Korean gas balances, power by source and nuclear outages data.South Korea posted another month of strong growth in LNG imports in June, up by 0.3 Mt y/y (9%) to 3.8 Mt. Hot weather, a temporary closure of coal-fired units,..
After a week of fairly flat trading, the European gas markets are heading into a period of uncertainty over which direction demand will go for rest of the summer. Forecasts suggest that hot, drought-like conditions in NW Europe will remain in place at least until the end of July. This should add..
EUA prices managed to gain 2.3% w/w last week despite one weak auction result and a cancelled UK auction. But the most notable talking point was Brexit. The UK government published a policy paper outlining the country’s main negotiating goals with regards to leaving the EU. While not overly..
The football World Cup has left many around the world heart-broken (ex. France), much like the feeling oil bulls are going through as Brent spreads flirt with contango. The timing mismatch between the loss of Iranian production and rising output in the GCC and elsewhere, particularly light sweet..
Within this report you will be able to review the latest figures published by Baker Hughes by gas shale plays in the US and by province in Canada.Fig 1: US total rig countFig 2: Appalachian shale plays gas rig countGasOilTotal13 Jul 181898631,054w/w chg.2 ↑0 -2 ↑y/y chg.2 ↑98 ↑102 ↑6 Jul 18..
Crude oil markets, already feeling soggy from record US exports and a recent surge in GCC production and exports, collapsed this week from a double whammy of Libyan crude exports resuming and the Trump administration escalating its trade tiff with China.Ironically, a third potential catalyst, a p..
JKM LNG prompt prices slid for the second week in a row, with peak winter contracts coming off by 7% w/w to fall back below 12 $/mmbtu. The step down comes as interest on the prompt shifts to the softer Sep-18 contract, while there is also suspicion that Chinese buying for the coming winter has n..
Australian oil demand growth kept pace in May, rising y/y by 62 thousand b/d despite a high base. We expected demand growth to slow from May onwards as a high base from 2017 should have started to weigh on growth rates. But demand growth in May outpaced even the 12-month average of 34 thousand b/..
The TTF M+1 contract closed in a 21.2-22.7 €/MWh range over June. The contract was largely driven by the upward moves coal and carbon prices, although the summer contracts did soften in relative terms. Gas prices are now trading consistently below the fuel switch level to which they have gravitat..