 |
Louisiana Light • 3 days | 87.12 | +0.03 | +0.03% | ||
|
Bonny Light • 1 day | 89.32 | +0.45 | +0.51% | ||
|
Opec Basket • 3 days | 86.51 | -1.01 | -1.15% | ||
|
Mars US • 174 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 11 mins | 2.739 | +0.005 | +0.18% |
|
Bonny Light • 1 day | 89.32 | +0.45 | +0.51% | ||
|
Girassol • 1 day | 89.90 | +0.45 | +0.50% | ||
|
Opec Basket • 3 days | 86.51 | -1.01 | -1.15% |
|
Peace Sour • 4 hours | 76.01 | -0.55 | -0.72% | ||
|
Light Sour Blend • 4 hours | 79.06 | -0.55 | -0.69% | ||
|
Syncrude Sweet Premium • 4 hours | 86.01 | -0.55 | -0.64% | ||
|
Central Alberta • 4 hours | 76.41 | -0.55 | -0.71% |
|
Eagle Ford • 3 days | 79.33 | -0.29 | -0.36% | ||
|
Oklahoma Sweet • 6 days | 79.75 | +0.50 | +0.63% | ||
|
Kansas Common • 2 days | 73.50 | +0.50 | +0.68% | ||
|
Buena Vista • 3 days | 87.02 | -0.29 | -0.33% |
U.S. Sanctions on Venezuela Snap Back Into Place
The U.S. has reimposed sanctions…
Standard Chartered: Global Oil Demand Will Pick Up Strongly In May And June
Despite some crude inventory builds…
U.S. Natural Gas Prices Rise 4% After Huge Selloff
U.S. Natural gas prices had rebounded by nearly 4% as of midday Wednesday after five consecutive days of sell-off when it became clear that predictions of a supply squeeze were wrong.
Henry Hub natural gas futures were trading at $4.145 at 1.38 p.m. EST, up nearly 4% on the day, after gaining as much as 5% earlier in the day.
For the five days prior, Henry Hub natural gas futures had been trading below $4 and had lost one-quarter of their value.
Now, prices will be waiting on Thursday’s weekly gas storage data from the Energy Information Administration (EIA).
Henry Hub prices peaked in August at $10, still enjoying $7 per mmBtu earlier in December. Overall, natural gas futures managed to close out the year up 22%, largely because the market was anticipating undersupply and more consistent severe cold.
When neither of those things emerged, prices plunged at the beginning of the New Year.
As of Wednesday, the consensus seemed to be emerging that natural gas futures had been oversold, allowing them to recoup some losses.
“NYMEX gas futures prices have slowed their capitulation, and signs of being oversold are emerging,” Houston-based energy markets consultancy Gelber & Associates said, as reported by Investing.com UK.
Nonetheless, Gelber remained bearish in terms of supply and demand, citing “projected daily natural gas storage withdrawals will remain bearish versus the five-year average through at least January 12”.
In Europe, natural gas prices continued their plunge on Wednesday thanks to a milder-than-expected winter. On Wednesday, the Dutch TTF front-month gas futures dropped to under $75, representing only half the price it was in early December.
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Reuters reports that Europe is now seeing an increase in inventories that could actually “overwhelm” storage.
By Charles Kennedy for Oilprice.com
More Top Reads From Oilprice.com:
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George Doolittle on January 04 2023 said:*"live by weather speculation die by it now, too."* The fact remains that pure BEV takes vehicle safety and autonomy to truly be labelled not incorrectly in the least *"Das Auto."* The *GREAT* news for the US energy sector not least being ironically Tesla which has done a tremendous job stabilizing the US energy grid as with Australia as well too so too has SpaceX created a very impressive demand for both right proper refined product (kerosene fuel grade rocket propellant) but far more importantly the most reliable fuel delivery system imaginable in of all places Florida but of course Texas as well. Also given the complexity of managing so much space launchings 2023 i think this would be great news for creating proper Airport Authority across the entirety of the USA and hopefully North America inclusive of entire Caribbean Basin as well.
George Doolittle on January 04 2023 said:
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
