Natural Gas Storage Report Injection Season Week 23 (Week Ending September 6th, 2019)

The recent rally realized on NYMEX futures really remains on the technical side with what is being reported as a “short squeeze”, and the lack of strong fundamentals lately can mostly corroborate this. Regarding fundamentals, this week’s 78 Bcf injection fell a little short of the mark compared to expectation in the market, but still eclipsed both notable historical values. With both Labor Day weekend and Dorian to account for…

Natural Gas Storage Report Injection Season Week 22 (Week Ending August 30th, 2019)

Hurricane Dorian has avoided causing notable demand destruction on its path that currently runs in parallel to multiple east coast markets, but the unrelenting presence and strength of natural gas production paired with recent dips in LNG exports have resulted in yet another bearish injection that supplemented storage inventories by 84 Bcf. This exceeded all of the usual metrics, both market expectations and historical values, so even with NYMEX seemingly…

Natural Gas Storage Report Injection Season Week 21 (Week Ending August 23rd, 2019)

EIA’s reported injection of 60 Bcf was mostly a non-event but could be seen as a tad bearish since it surpassed a few market expectations while staying within a common range. It even fell between last year’s 66 Bcf build and the five-year average of 57 Bcf for the same time period. All in all, the fundamentals showed little surprises as the South and West continued to see heat as…

Natural Gas Storage Report Injection Season Week 20 (Week Ending August 16th, 2019)

Real time rates in ERCOT may have caught some heat this last week, but storage continued to build and meet expectations with a 59 Bcf injection. Yet again surpassing last year’s 47 Bcf build and the five-year average of 51 Bcf, natural gas inventories are chugging along just fine, and the consensus (so far) is that the Lower 48 should be well supplied for the upcoming winter with a projected…

Energy Market Update (August 20, 2019)

Heating Oil Prompt-month heating oil futures increased 0.27% for the week ending Friday, 8/16, as prices rose $0.0048 per gallon. On the New York Mercantile Exchange, crude futures for delivery in September closed at $54.87 per barrel on Friday, 8/16, up 0.24% for the day, and up 0.68% for the week. Crude oil prices were up slightly last week and continued to rise on Monday, trading just under $56 a…

Natural Gas Storage Report Injection Season Week 19 (Week Ending August 9th, 2019)

August has been a hot month so far, and this certainly has been reflected in the most recent injection of 49 Bcf into storage. This value fell significantly short of expectations that ranged from 58 Bcf to 61 Bcf, surpassed last year’s injection of 35 Bcf, and matched the five-year average. Fundamentally, a majority of the Lower 48 saw above normal temperatures which are expected to hold through next week…

Natural Gas Storage Report Injection Season Week 18 (Week Ending August 2nd, 2019)

Lower than expected injections are in short supply this summer, and this week’s build of 55 Bcf ended up joining that group as it failed to meet the market expectation of 59 Bcf. Despite that, the current change in storage still eclipsed last year’s 46 Bcf build along with the five-year average of 43 Bcf. Fundamentally, hot weather made its presence known in the Northeast, West, and Texas regions, while…

Renewable Energy Update – August 2019

Focus California farmers are planting solar panels as water supplies dry up  Los Angeles Times – July 31 In the San Joaquin Valley alone, farmers may need to take more than half a million acres out of production to comply with the Sustainable Groundwater Management Act, which will ultimately put restrictions on pumping. Converting farmland to solar farms could be critical to meeting California’s climate change targets, according to a new…

Natural Gas Storage Report Injection Season Week 17 (Week Ending July 26th, 2019)

NYMEX may be a tad oversold at the moment, but the normal to below-normal temperatures in key demand regions have resulted in yet another bearish injection into storage. The current week’s build of 65 Bcf flew past all market expectations and more than doubled last year’s injection and the five-year average for the same time period, which came in at 31 Bcf and 37 Bcf respectively. The Pacific region ended…

Energy Market Update – July 29, 2019

Heating Oil Prompt-month heating oil futures increased 0.78% for the week ending Friday, 7/26, as prices rose $0.0148 per gallon. On the New York Mercantile Exchange, crude futures for delivery in August closed at $56.20 per barrel on Friday, 7/26, up 0.48% for the day, and up 0.78% for the week. Crude oil prices were stable last week but rose on Monday, trading near $57 a barrel. The market awaited…