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Oil and Gas Summary: Crude Higher Before EIA Data, TTF Down on Cooler Weather

OIL

Crude prices are trading slightly higher on the day ahead of the EIA weekly petroleum data, while European gas prices have been easing down on revised forecasts suggesting temperatures within norm.

  • EIA data are scheduled to be released this afternoon at 16:00BST. Crude inventories are expected to draw by -2.15mbbls. API data last night showed another crude draw of 4.4mn bbl, while product stocks increased.
  • Brent SEP 23 up 0.3% at 76.85$/bbl
  • WTI AUG 23 up 0.4% at 72.08$/bbl
  • Gasoline crack spreads eased lower ahead of the latest EIA data today but spreads have remained relatively stable over the last week with support from low inventories offsetting weak demand.
  • US gasoline crack down -0.2$/bbl at 33.83$/bbl
  • OPEC is holding its 8th International Seminar in Vienna on 5-6 July. Several headlines came from the sidelines of the event. Iran and Saudi Arabia discussed bilateral issued between the countries including investments in oil and gas industries. OPEC chief Al Ghais said OPEC’s market share is expected to rise to 40%, from 30%, by 2040. OPEC had conversations with four nations to potentially join the group.
  • Iran’s total oil output is currently 3.8mbpd, of which 3.07mbpd is crude. Iran’s crude and condensate exports reached 1.3mbpd in June, down by 200kbpd on the month, the oil minister said.
  • KIPIC announced the operation of the third and final unit at Kuwait’s Al-Zour refinery, which was officially scheduled to start in late-summer.
  • Gas Market: TTF front month has opened lower today and extended losses throughout the session as forecasts for a cooling back toward normal from the middle of July offset gains from an extension to the Troll outage until 10 July.
  • TTF AUG 23 down -3.8% at 33.05€/MWh
  • EU natural gas storage injections have been nearly 23% below the five-year average over the last weeks. Gas storage was up to 78.88% full on 4 July.
  • Asian LNG demand remains still muted despite Chinese LNG imports rising to a five-month high in June.
Energy BulletsCommodities
Energy BulletsCommodities

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