The Week Ahead For Crude Oil, Gas and NGLs Markets – May 4, 2020
[contextly_auto_sidebar] CRUDE OIL June WTI settled at $19.78/bbl last Friday, up 17.5% from last Monday’s open. Prices were supported by smaller-than-expected US inventory builds as well as early indications that production cuts are beginning to take effect globally. Despite the recent easing in the rate of inventory builds, physical markets still remain oversupplied. Supply pressures […]
The Week Ahead For Crude Oil, Gas and NGLs Markets – April 27, 2020
[contextly_auto_sidebar] CRUDE OIL Crude oil futures started the week off on poor footing, with May WTI falling into unprecedented negative territory Monday, two days before contract rollover, and June WTI trading in the low teens that morning. The US Oil Fund, a large exchange-traded fund that invests in crude oil futures, announced that it would […]
Oil Markets in Crisis: Production Outlook and Outline for Recovery
By now, everyone reading this blog should be aware of the crisis in oil markets. If not, this week’s spectacular collapse of the May WTI contract almost certainly caught your attention. I’m not the first to say this, but it’s worth repeating: the WTI settlement of -$37.63 a barrel was the result of traders’ difficulty […]
The Week Ahead For Crude Oil, Gas and NGLs Markets – April 20, 2020
[contextly_auto_sidebar] CRUDE OIL Front-month WTI futures settled at $18.27/bbl on Friday, an 18-year low. Since then, WTI has fallen to $10.85/bbl as futures converge with spot prices close to expiry. The unprecedented contraction in global oil demand threatens to fill all available storage capacity in the US, and shut-ins are already beginning to materialize. Last […]
The Week Ahead For Crude Oil, Gas and NGLs Markets – April 13, 2020
[contextly_auto_sidebar] CRUDE OIL Front-month WTI futures ended last week on a low note, with the May contract settling on Thursday at $22.76/bbl compared to last Monday’s open of $26.09/bbl. This weekend’s historic OPEC+ agreement to take 9.7 MMbbl/d off the market starting May 1 was largely in line with market expectations, prompting a fairly muted […]
The Week Ahead For Crude Oil, Gas and NGLs Markets – April 6, 2020
[contextly_auto_sidebar] CRUDE OIL Front-month WTI futures ended last week on a high note, settling at $28.34/bbl on renewed talk of a globally coordinated production cut. However, renewed bullish sentiment was dealt a blow over the weekend due to a spat between Saudi Arabia and Russia over whom is to blame for last month’s failed OPEC+ […]
The Week Ahead For Crude Oil, Gas and NGLs Markets – March 30, 2020
[contextly_auto_sidebar] CRUDE OIL May WTI settled at $21.51/bbl on Friday, down from last Wednesday’s high of $25.24/bbl. As of this morning’s trading, front-month WTI was testing support at $20/bbl and the front spread has continued deeper into contango at $3.81/bbl. The last time the front spread was this far in contango was in February 2011, […]
Coronavirus Power Demand Destruction Forecasting 101
When the coronavirus power load demand destruction began appearing in Enverus Trading & Risk’s daily ISO load forecasts, our team had to quickly tackle a new set of realities. Just like businesses all over the world, we were faced with never-before-seen scenarios as a result of the nationwide shutdowns. Our machine learning-based forecasting tools have […]
The Week Ahead For Crude Oil, Gas and NGLs Markets – March 23, 2020
[contextly_auto_sidebar] CRUDE OIL Talk of $10-$15/bbl crude oil is permeating conversations among traders and market analysts as prompt WTI treads water just below $22.50/bbl. Given the inability of non-OPEC production to respond quickly to the precipitous drop in global oil demand just as Saudi Arabia and others ramp up production, inventory builds in April and […]
The Week Ahead For Crude Oil, Gas and NGLs Markets – March 16, 2020
[contextly_auto_sidebar] CRUDE OIL Despite President Donald Trump’s pledge on Friday to fill the Strategic Petroleum Reserve “to the top,” crude oil futures continued to slide Monday morning amid growing fears of an outright contraction in global oil demand this year. A number of countries around the globe are going into lockdown in an effort to […]