Extract from crude oil:US commercial crude stocks rose counter-seasonally by 5.8 mb w/w to 438 mb, led by PADD 1 (+3.4 mb) and PADD 3 (+3.2 mb) and only partly offset by draws in PADD 2 (-0.7 mb), including a 1.1 mb draw at Cushing. Imports were up by 0.6 mb/d w/w to 8.2 mb/d as combined arrivals..
US natural gas producers in our sample of 50 companies are guiding toward 4.2 bcf/d in y/y output gains for 2018, which would represent over half of the projected 7.0 bcf/d of growth this year in EA’s balances. Producers are again counting on new Appalachia projects to move this growing sup..
Another month, another acceleration in the EUA bull run. While April was actually a fairly modest month for EUA price gains, with the Dec-18 contract only adding 2% over the month, May has been racing upwards, passing 14 €/t at close on 9 May and 15 €/t on 16 May.The renewed upswing con..
Thursday’s EIA report (week ended 18 May) – EA Final Estimate: +90 bcfWe forecast Thursday’s EIA report will show a 90 bcf injection. This is down 16 bcf w/w, as power burn spiked by 1.8 bcf/d w/w to 26.5 bcf/d as temperatures soared to highs of 100°F throughout the South Ce..
Japanese LNG imports in April fell by 1 Mt (15%) y/y to 5.6 Mt as mild weather curbed power consumption and the March restart of several nuclear plants continued to cut gas-fired generation. Although forecasts calling for above-average temperatures through July are likely to boost cooling demand,..
Indian oil demand eased seasonally m/m to just under 4.6 mb/d in April, but was still higher y/y by a robust 0.2 mb/d. The y/y growth slowed from the prior four months, largely as the weakness following demonetisation in late 2016 that created a low base had dissipated by March 2017, although the..
Next week's edition of Panorama will be published on Tuesday 29 May, owing to the UK bank holiday.A combination of low demand and high supply, aided by strong Norwegian and Russian flows last week, helped narrow the y/y European storage gap to 3.2 bcm, with last week’s build some 0.16 bcm h..
Next week's edition of Carbon weekly will be published on Tuesday 29 May, owing to the UK bank holiday.After hanging out over April and the first week of May in the 13-14 €/t range, the last two weeks put the EUA market back on its upward trajectory. The market closed at 15.25 €/t on Friday, up b..
Record US crude exports have spoiled the party for the bulls, at least in the near term, weighing severely on July-August Brent spreads and pushing them into mild contango last week. Not only are US arrivals to Europe at an all-time high, June US exports to Asia are also likely to be at a record,..
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 countSource: Baker Hughes, Energy AspectsSource: Baker Hughes, Energy AspectsFig 3..
Back at the start of the year we noted a few important developments that the broader oil market was slow to realise. First, we noted that Brent, which had been trading in a $40-60 range for the past three years, was now shifting into a higher range, closer to $60–80 per barrel. Of course, all tha..
Gas producers are basking in the glow of prices that make the economics of producing LNG look much more attractive than during the past two years. In recent weeks, Asian LNG prices have persisted above 8 $/mmbtu for summer delivery and 10 $/mmbtu for winter delivery.There has been a resurgence of..
The JKM LNG curve continued its uptrend this week, with NE Asian contracts up on strong demand, news of a three-month delay for LNG exports from the Ichthys project, and gains at the TTF, with rising coal and carbon markets continuing to drive up European prices. The JKM-TTF spreads for contracts..
Australian oil demand growth remained robust in March at 48 thousand b/d y/y, on par with February's growth of 49 thousand b/d. The real test, however, will come in May when base effects will become more prominent as demand started rising strongly from May 2017. In line with recent trends, diesel..
Diesel balances are still hugely bullish but the market is struggling to find ways to take a view on these balances, with ARA gasoil markets confounding traders time and again this year. We don’t think the benchmark is broken, but the market needs to keep in mind that the idiosyncrasies of..