Energy Prices (Daily Change)
| Up/Down | Price | Change | |
|---|---|---|---|
| Crude Oil | ↓ | 87.90 | -1.18 |
| Heating Oil | ↑ | 4.5498 | +.2159 |
| RBOB Gasoline | ↓ | 2.9066 | -.1050 |
| Natural Gas | ↓ | 5.684 | -.191 |
All prices updated at end of day using CME settlements.
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Mild weather in Europe has given a break to the impending winter energy crisis, allowing for European countries to stockpile natural gas while they figure out how to replace sanctioned Russian gas supplies.
+Unusually warm weather for France and Spain – BBC
+European gas prices plunge to lowest since June – The Indepenent
However, low diesel supplies globally (especially in the US) is leading to a strong ULSD contract ahead of any real winter in the US.
Integrated oil companies and pure refiners are the beneficiaries of a strong crack spread.
+Product highlight: EIA’s gasoline and diesel fuel update – EIA
Macro Energy
“The largest US oil company’s results were echoed at rival Chevron, whose bumper third-quarter profit of $11.2bn was just shy of record earnings reported in its previous quarter, continuing a run of strong industry earnings on elevated oil and gas prices.”
+Exxon profit triples to record $20 bn amid furore over high petrol prices -FT
+US oil and gas rig count edges up in Oct as drillling steadies – Reuters
Macro Economy
+ECB convinces markets it is about to turn more dovish – FT
+Germany beats growth forecasts despite soaring inflation – FT
+Many Brazilian voters look past Lula’s conviction – WSJ
+Russian economy expected to shrink under weight of sanctions – WSJ
Energy Transition
“Total U.S. liquefied natural gas (LNG) exports jumped nearly 11% in the first 10 months of 2022 from the same period in 2021, Kpler data shows, but soared nearly 150% to Europe as desperate buyers there paid top dollar to replace reduced Russian pipelined supplies.”
+Higher LNG exports may turbocharge US energy transition – Reuters
+Tesla rival BYD smashes profit record ahead of European push – FT
+The flood of green finance must be diverted from the west – FT
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