Energy Prices (Daily Change)
| Up/Down | Price | Change | |
|---|---|---|---|
| Crude Oil | ↓ | 81.23 | -.92 |
| Heating Oil | ↓ | 3.4146 | -.0348 |
| RBOB Gasoline | ↓ | 2.5076 | -.0703 |
| Natural Gas | ↓ | 6.874 | -.081 |
All prices updated at end of day using CME settlements.
Yesterday’s rally unfolded as markets are in more of a sell-the-rally mode than buy-the-dip.
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Oil prices rallied over 4% as the dollar weakened on the heels of BOE efforts to shore up the pound.
It remains to be seen if this rally can stick considering macro headwinds.
Macro Energy
But exports surged by 1,408 billion cubic feet largely as a result of the commissioning of large new liquefaction terminals.
The massive increase in LNG exports has significantly tightened the availability of gas for domestic users and put upward pressure on prices.
+US gas exports squeeze domestic supply – Reuters
+What a ‘historic’ release and refill of SPR crude oil means for markets – CME on Institutional Investor
+Biden administration grands Jones Act waiver to foreign-flagged taker – Maritime Exec
Macro Economy
+Stocks close lower, Dow falls more than 400 points – WSJ
+Cotton drops amid economic worries, strong dollar – WSJ
+Lumber prices fall back to pre-covid levels – WSJ
+US economy drops at 0.6% annual rate from April through June – APNews
Energy Transition
+Nord Stream gas leaks examined by scientists for climate change – FT
+Last gasp for Mountain Valley Pipeline natural gas project – CleanTechnica
The power sector is the tail that’s waving the economic dog. Learn more about the critical power sector with our Power 101 courses.
Other News
+Ian leaves florida reeling and millions without power – WSJ
+US pledges $210mn to Pacific Islands to counter China’s influence – FT
+Porsche shares end flat in debut – WSJ
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