Energy Prices Summary – Wednesday, July 22, 2020
Crude Oil (CLU20): 41.90 (-.02)
Natural Gas (NGQ20): 1.681 (+.006)
Gasoline (RRQ20): 1.2828 (+.0031)
NY ULSD (HOQ20): 1.2707(-.0093)
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*Note – Front month crude oil is now the September (U) contract.
Oil prices opened lower but managed to recover above the important 41.74 (September contract) technical support level despite the EIA reporting a 4.9 million barrel build in crude oil inventories. Reuters poll consensus among oil analysts was for a draw of about 2 million barrels.
Refinery runs are reported at 77.9%.
“Overall this would suggest that the demand recovery we’ve seen from the bottom seems to be stalling,” said Phil Flynn, senior analyst at Price Futures group in Chicago.
In the EIA report (link below) I think it is important to note that despite the plummeting rig count and production numbers, crude oil inventories in the US remain 19% over the 5 year average.
Top Oil Price News Headlines
+ Weekly Petroleum Status Report Highlights – EIA
+ US Petroleum Balance Sheet – EIA
+ Oil falls as US posts surprise rise in inventories – Reuters
+ US crude, distillate stockpiles rise unexpectedly: EIA – Reuters
“Despite Mexico’s success, no other major oil-producing country has followed suit with a similarly large hedge. ”
+ Russia considers oil price hedges modeled on Mexico’s system – World Oil
Crude Oil Settlements
Sept 20 (CLU20) 41.90 (-.02)
Dec 20 (CLZ20) 42.28 (+.02)
Dec 21 (CLZ21) 43.43 (+.06)
Crude Oil Price Spreads
CLU20 / CLZ20: -.38
CLZ20 / CLZ21: -1.15
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Oil Price Resources
+ CME
+ EIA Weekly Petroleum Status Report
+ OPEC Monthly Oil Market Report
+ Commodity Research Group Podcast
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