{"id":9270,"date":"2024-07-09T09:10:58","date_gmt":"2024-07-09T13:10:58","guid":{"rendered":"https:\/\/www.fundamentalanalytics.com\/?p=9270"},"modified":"2024-07-11T09:11:44","modified_gmt":"2024-07-11T13:11:44","slug":"energy-fundamentals-prevail-in-the-market","status":"publish","type":"post","link":"https:\/\/www.fundamentalanalytics.com\/es\/energy-fundamentals-prevail-in-the-market\/","title":{"rendered":"Energy Fundamentals Prevail in the Market"},"content":{"rendered":"\n\n\n
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Crude Oil and Gasoline strengthened amid stronger-than-expected demand, but Natural Gas weakened on oversupply worries.<\/em><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Crude Oil<\/p>\n

Crude Prices Elevated on Unexpected Decline in Stocks<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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  • WTI crude futures held slightly above $83 per barrel on Friday and were set to advance for the fourth straight week as falling US crude inventories and signs of strong seasonal demand supported oil prices.<\/li>\n
  • WTI futures strengthened +1.7% w\/w, as US crude stockpiles declined by 12.2 million barrels last week, far exceeding expectations for a 680k barrel draw. This was the biggest decline in almost a year.<\/li>\n
  • Supply concerns were also present amid the threat that hurricanes in the Gulf of Mexico could threaten extraction activity for key producers.<\/li>\n
  • Furthermore, escalating geopolitical tensions in the Middle East heightened concerns about oil supply following reports that Israel killed a senior Hezbollah commander, prompting Hezbollah to retaliate near the border.<\/li>\n<\/ul>\n

    Gasoline<\/p>\n

    The Buildup Continues in Gasoline Inventory<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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    • Gasoline futures in the US hovered near $2.56 per gallon, reaching a nine-week high amid indications of reduced supplies and increased demand, which outweighed recent efforts by the US government to boost supply.<\/li>\n
    • EIA reported a sharper-than-expected draw in national inventories in the last week of June, with gasoline stockpiles declining by 2.21 million barrels.<\/li>\n
    • Concerns arose over the supply of refined petrochemicals, with Saudi Arabia underscoring OPEC+’s capability to adjust production levels and extend output cuts.<\/li>\n
    • Additionally, the US Department of Energy sold 1 million barrels of gasoline from Northeastern supply reserves to BP and Vitol in an attempt to ease prices at the pump.<\/li>\n<\/ul>\n

      Natural Gas<\/p>\n

      Natural Gas Drops -25% from Yearly High<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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      • US natural gas futures fell below $2.32\/MMBtu, the lowest in seven weeks, due to increased production and oversupply.<\/li>\n
      • NYMEX natural gas prices plummeted more than -25% from the 5-month high of $3.129\/ MMBtu reached on June 11, 2024.<\/li>\n
      • A heat wave is expected to persist through mid-July, but output in the lower 48 states averaged 101.8 bcfd so far in July, up from June’s 100.2 bcfd.<\/li>\n
      • The latest EIA report showed gas storage was 18.8% above the seasonal norm.<\/li>\n
      • Meanwhile, LNG export plant flows are slightly lower in July when compared with June, mainly due to reduced feedgas at Cheniere Energy’s Sabine Pass.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>","protected":false},"excerpt":{"rendered":"

        Crude Oil and Gasoline strengthened amid stronger-than-expected demand, but Natural Gas weakened on oversupply worries. Crude Oil Crude Prices Elevated on Unexpected Decline in Stocks WTI crude futures held slightly above $83 per barrel on Friday and were set to advance for the fourth straight week as falling US crude inventories and signs of strong […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9270","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/posts\/9270","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/comments?post=9270"}],"version-history":[{"count":1,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/posts\/9270\/revisions"}],"predecessor-version":[{"id":9271,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/posts\/9270\/revisions\/9271"}],"wp:attachment":[{"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/media?parent=9270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/categories?post=9270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/tags?post=9270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}