Canadian Insight into the markets here and abroad

Markets Insight

Wednesday, June 23, 2021

Editor’s oil & gas markets analysis and weekly U.S. Energy Information Administration reports...

Did you know?

Enbridge Line 5 supplies about 45% of all petroleum required in the provinces Ontario and Quebec. Ontario alone receives 540,000 barrels a day that is processed into gasoline, diesel and propane. Pearson Airport relies on 100% of its jet fuel from Line 5. This same line provides Sarnia refineries with all of its crude oil. These refineries alone support over five thousand jobs and indirectly provide an additional 23,500 jobs. 

 

Markets commentary for Wednesday, June 23, 2021

Energy Information Administration released its weekly petroleum inventory report this morning. Report indicates that crude oil, gasoline, distillates and total petroleum inventories have decreased. Propane inventories have increased. Refineries once again increased their operations.

Crude oil imports increased by 197,000 barrels per day and averaged at 6.9 million barrels per day. Four week average was 6.5 million barrels per day and 1% less than the 4 week average last year.

US commercial inventories of crude oil decreased by 7.6 million barrels and totaled at 459.1 million barrels. Storage volumes are 6% below  the five year average.

Inventories of gasoline decreased by 2.0 million gallons. Distillates inventories decreased by 2.9 million barrels. Propane supplies increased by 1.0 million barrels. Total petroleum inventories decreased by 5.8 million barrels as compared to last week.

US refineries increased their operations by 0.9% over the previous week and operated at 91.3% of their optimum operating capacity. Operations processed 16.1 million barrels per day, and produced 10.3 million barrels per day of gasoline and 5.1 million barrels of distillates daily.

 

 

 

Markets commentary for Tuesday, June 22, 2021

Crude oil markets stalling and making a marginal step back. This is after opening gains. Investors are once again unsure whether OPEC  will increase its output and how it will affect global supplies.

Brent crude oil futures for August are down by 0.03% and bids this morning at $74.83 per barrel. WTI crude oil futures for July are down by 0.22% and bids this morning at $73.50 per barrel. WCS crude oil up by 3.12% and bids this morning at $58.82 per barrel.

OPEC and Russia are discussing whether to boost their production at their next meeting. The two have discussed specific volumes which could change as soon as July 1, 2021.

 

 

 

Markets commentary for Friday, June 18, 2021

Crude oil markets continue to ride a wave of optimism as the week comes to a close. Both Brent and WTI crude oil making modest gains this morning.

Brent crude oil futures for August are up by 0.71% and bids this morning are $73.60 per barrel. WTI crude oil futures for July are up by 1.25% and bids this morning at $71.93 per barrel. WCS crude oil down 3.17% and bids this morning at $56.79 per barrel.

Alberta natural gas continuing to be well over $3.00 per gigajoule. Spot prices varied from $3.22 to $3.15 per gigajoule basis Calgary.

US natural gas futures for July on Nymex prices this morning are down by 0.28% and bids this morning are $3.24 per MMBtu. Henry Hub futures for July are down by 0.28% and bids this morning at $3.245 per MMBtu.

 

 

 

Markets commentary for Wednesday, June 16, 2021

Energy Information Administration released its weekly petroleum inventory report this morning. Report indicates that crude oil, distillates, and total petroleum inventories have decreased. Gasoline and propane inventories have increased. Refineries once again increased their operations.

Crude oil imports increased by 108,000 barrels per day and averaged at 6.7 million barrels per day. Four week average was 6.3 million barrels per day and 5.9% less than the 4 week average last year.

US commercial inventories of crude oil decreased by 7.4 million barrels and totaled at 466.7 million barrels. Storage volumes are 5% below  the five year average.

Inventories of gasoline increased by 2.0 million gallons. Distillates inventories decreased by 1.0 million barrels. Propane supplies increased by 1.5 million barrels. Total petroleum inventories decreased by 4.6 million barrels as compared to last week.

US refineries increased their operations by 1.3% over the previous week and operated at 91.3% of their optimum operating capacity. Operations processed 16.3 million barrels per day, and produced 9.9 million barrels per day of gasoline and 5.1 million barrels of distillates daily.

 

 

 

Markets commentary for Tuesday, June 15, 2021

Crude oil markets continue to ride a high. Indications are that demand fpr crude oil is expected to rise as the pandemic recedes. IES has predicted that global oil demand is expected to increase by 5.4 million barrels per day this year. Global demand is expected to soar from 93.1 mb/d to 100.6 mb/d.

Brent crude oil futures for August rose by 1.30% and bids this morning began at $73.81 per barrel. WTI crude oil futures for July are up by 1.52% and bids this morning at $71.96 per barrel. WCS crude oil spot bids up by 0.46% and bids this morning at $56.27 per barrel.

Crypto currencies are mixed this morning. The Bitcoin is down by 1.19%, Ethereum up by 0.78%, Binance Coin down 0.56% and the Dogecoin is down by 2.18%. Once again crypto currencies affected by Elon Musk’s rhetoric; in this case markets driven down.

 

 

 

Markets commentary for Monday, June 14, 2021

Crude oil and natural gas markets ride a high of optimism and begin the week on an upward trend. This is the third consecutive week that the crude oil markets have made significant gains.

Brent crude oil futures for August are up 0.78% and bids this morning are $73.26 per barrel. WTI crude oil futures for July are up 0.82% and bids this morning $71.49 per barrel.

Optimism returning to the natural gas markets .Alberta natural gas spot bids basis Calgary begin the week at a high of $3.15 per gigajoule.

US natural gas futures for July are up 0.09% this morning and bids begin the day with $3.30 per MMBtu.

Cryptocurrency continuing its wild ride up as more speculators entering the game. Bitcoin up by 12.02%, Ethereum up by 8.52% and Binance coin up by 11.14%. Dogecoin up by 6.54%.

 

 

 

 

Markets commentary for Thursday, June 10, 2021

Crude oil and natural gas markets moving into a more positive sentiment after EIA inventory report showed crude oil inventories dropping significantly.

Brent crude oil futures for August increased by 0.5% and bids this morning were $72.58 per barrel. WTI crude oil futures for July increased by 0.47% and bids this morning were $70.29 per barrel. WCS crude oil spot bids rose by 0.11% and bids this morning at $56.31 per barrel.

Alberta natural gas spot bids basis Calgary holding steady this week at $2.94 per gigajoule. US natural gas futures for July on Nymex are up by 0.60% and bids this morning at $$3.18 per MMBtu.

Cryptocurrency making some small gains following news that US recovers millions in cryptocurrency paid to Colonial Pipeline ransomware hackers. The Bitcoin is up by 7.39%,  the Ethereum up by 0.06%,  Binance Coin up by 1.15% and the Dogecoin up by 1.69%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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      WCS  / WTI

   Price Spread -14.04         June 23, 2021

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