U.S. natural gas futures plunge nearly 9% on oversupplied market

U.S. Natural gas futures plunge nearly 9% on oversupplied market. Front-month Nymex natural gas for May delivery closed -8.7% to lowest settlement value since March 26. First tanker in 12 days reportedly set sail from Freeport LNG's Texas export terminal.

Weekly Report: what happened at UNL last week (0415-0419)?

Commodity Roundup: Oil sheds over 2%, gold down 1% as Mideast tensions ease

Commodities Energy Commodity Roundup: Oil sheds over 2%, gold down 1% as Mideast tensions ease. Crude oil prices fell more than 2% on Monday as Middle East tensions eased. Brent futures fell 0.58% to $86.58 a barrel. Gold prices retreated as well, registering a third consecutive weekly loss.

Oil rally fades as fears ease over Israel-Iran hostilities; week ends lower

Crude oil futures posted a second straight weekly loss. Israel and Iran exchanged tit-for-tat strikes in the Middle East. The energy sector ended the week -1.2%. China's Q1 gross domestic product increased 5.3% Y/Y, sending bullish signal to oil markets.

U.S. natural gas inventory net change of +50 Bcf for week ended April 12 - EIA

U.S. Natural gas inventory net change of +50 Bcf for week ended April 12 - EIA. Total working gas is above the five-year average of 2,333 Bcf. Stocks were 424 Bcf higher than last year and 622 Bcf above the average for the same period.

European gas pushes higher, recouping YTD losses, on rising supply fears

European natural gas prices jump to their highest levels since January. European gas prices have recouped 30% of their YTD losses on rising supply fears. Russian strikes on Ukrainian energy infrastructure and Middle East tensions have pushed prices higher. Europe does not source gas from the Middle East, but relies on global markets.

Weekly Report: what happened at UNL last week (0408-0412)?

Brent crude tops $90 on Mideast fears, but IEA sees slower global oil demand growth

Crude oil futures settle higher Friday after touching their highest intraday levels in six months. The IEA sees slower global oil demand growth for 2024. The energy sector ended the week with losses for the full week. U.S. Crude stocks rose sharply and inflation came in hotter than expected.

Tighter Fundamentals And Geopolitics Are Pushing Commodities Higher

Home Market Outlook Commodities Tighter Fundamentals And Geopolitics Are Pushing Commodity Prices Higher. Oil market tightens as geopolitical risks grow. Europe exits winter with record natural gas storage. Copper is trading at its highest since the middle of 2022.

U.S. natural gas glut to keep prices low this year before rising in 2025, EIA says

U.S. Natural gas futures fall after EIA reports larger than expected injection into storage. Inventories 38% above the five-year average for the week. The EIA expects prices to remain low this year and average $2.20/MMBtu in 2024. Crude oil futures also fall.

U.S. natural gas inventory net change of +24 Bcf for week ended April 5 - EIA

U.S. Natural gas inventory net change of +24 Bcf for week ended April 5 - EIA. Stocks for the week ending April 5, 2024 were 2,283 Bcf vs. 2,259 Bcf in the week ended March 29, 2024. Net change: EIA Weekly Natural Gas Storage Report.

Iraq To Resume Oil Exports To Turkey Via Pipeline Shuttered A Decade Ago Amid Kurdish Negotiation Deadlock

Iraq is reviving a dormant pipeline to Turkey. The Kirkuk-Ceyhan pipeline has been inactive for a decade. The pipeline could potentially export 350,000 barrels per day by month's end. The move comes amid stalled negotiations with the Kurdistan Regional Government. Islamic State attacks halted the pipeline's operations in 2014.

Weekly Report: what happened at UNL last week (0401-0405)?

Drilling rig count slips to lowest in two months, Baker Hughes says

Energy Drilling rig count slips to lowest in two months, Baker Hughes says. Total active drilling rigs in the U.S. Fell by 1 to 620, its third straight weekly decline. Drilling rigs targeting crude oil rose by 2 to 508. Total oil and gas count is 17% below this time last year.

Europe Exits Winter With Record Gas Storage

Europe exits the 2023/24 heating season with record gas storage levels. The region has exited the winter months with comfortable levels of storage. The US natural gas balance is set to tighten with flat supply growth and stronger demand. Disruptions to remaining Russian pipeline flows are a real risk.

Analyst Warns Of 'Serious Escalatory Tit-For-Tat Cycle' If Iran Strikes Back, Raising Fears Of 'Wider War' In Middle East

Helima Croft predicts “serious Iranian retaliation” that could lead to a wider conflict in the Middle East. Croft is an analyst at RBC Capital Markets. She says Iran has the potential to repeat its alleged attack on oil tankers in the Strait of Hormuz.

Brent crude tops $90 for first time since October as Middle East tensions spike

Brent crude tops $90 for first time since October as Middle East tensions spike. Front-month Nymex crude closes above $90/bbl for the fifth straight day. U.S. Natural gas futures fall as domestic inventories remain well above five-year average.

U.S. natural gas inventory net change of -37 Bcf for week ended March 29 - EIA

U.S. Natural gas inventory net change of -37 Bcf for week ended March 29 - EIA. Total working gas stocks are 422 Bcf higher than last year and 633 Bcf above the five-year average. Stocks for the week ending March 29, 2024 were 2,259 Bcf.

Biden open to ending LNG export pause in push for Ukraine aid - Reuters

Biden open to ending LNG export pause in push for Ukraine aid - Reuters. Front-month Nymex natural gas for May delivery closed +1.3% to $1.862/MMBtu. Reversing the pause could make it easier for Republicans to support aid package for Ukraine.

Bad Weather Drops U.S. January Oil Production