EIA reports 113-Bcf withdrawal from gas storage

Natural gas storage inventories declined by 113 Bcf for the week ended Jan. 1, per EIA. The implied withdrawal was actually 117 Bcf as some reclassifications from base to working gas were noted in the South Central region, specifically from the non-salt facilities. The draw was bullish as market expectations were in the 90s to […]

Crude oil stocks drop, but decline offset by huge product builds

By Sarp Ozkan Ponderosa Energy U.S. crude oil stocks declined 5.1-million barrels last week, but this decline was more than offset by huge builds in gasoline and distillates (10.6 MMbbl and 6.3 MMbbl, respectively). The huge builds in products led to a total petroleum stocks build of 7.3 MMbbl. See a graphic illustration of today’s […]

Ponderosa Energy’s Weekly Market Bulletin

• Flooding in Missouri and Illinois is impacting crude movements into and out of the area with two pipelines currently offline (Enbridge Ozark from Cushing to Wood River, and Spectra’s Platte pipeline from Guernsey to Wood River). Product terminals also are being impacted because 50 miles of the Illinois River and 81 miles of the […]

U.S. crude inventories fall 5.9-million barrels

EIA on Wednesday said U.S. commerical inventories of crude oil dropped by 5.9-million barrels during the week ended Dec. 18. Crude oil prices rallied on the news, with the February contract up $1.47 as of this writing to $37.61 (WTI). Brent rose $1.10 to $37.21. U.S. imports of crude oil also fell during the week, […]

Ponderosa Energy’s Weekly Market Bulletin

Natural gas is likely to continue to trade this week at the lowest levels since 1999. Forecasts call for a “blowtorch” weather pattern across the eastern US, which could bring the warmest Christmas Day temperatures on record to much of the Midwest, Southeast and East Coast. About 2,000 high-temperature records have been set in the Lower 48 through […]

FERC approves 7th U.S. LNG export terminal

FERC on Thursday gave its approval to construction of another U.S. liquefied natural gas export terminal. The agency backed the facility that would be operated by Energy Transfer’s Lake Charles LNG Co. and Trunkline Gas Co. in Louisiana. The companies sought approval in March 2014. The new export terminal will be built adjacent to the […]

EIA reports 34-Bcf withdrawal from gas storage

By Maria Sanchez Ponderosa Energy Natural gas storage inventories went down by 34 Bcf for the week ended Dec. 11, per EIA. The draw was below market expectations, which were calling for a 40-Bcf decline in stocks. The draw was also smaller than historical figures; a 61-Bcf draw was reported during the same week in […]

Oil prices falling again after 4.8-million-barrel inventory build

By Sarp Ozkan Ponderosa Energy A grim, yet all-too-predictable, day for petroleum markets. Contrary to analyst expectations, crude oil stocks rose 4.8 MMbbl last week. This was not the only kick in the teeth, as both gasoline and distillate inventories rose 1.7 MMbbl and 2.6 MMbbl respectively. In the end, total petroleum product inventories posted […]