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 […]