{"id":9315,"date":"2024-08-19T09:47:26","date_gmt":"2024-08-19T13:47:26","guid":{"rendered":"https:\/\/www.fundamentalanalytics.com\/?p=9315"},"modified":"2024-08-20T09:49:17","modified_gmt":"2024-08-20T13:49:17","slug":"energy-markets-struggle-to-make-gains","status":"publish","type":"post","link":"https:\/\/www.fundamentalanalytics.com\/es\/energy-markets-struggle-to-make-gains\/","title":{"rendered":"Energy Markets Struggle to Make Gains"},"content":{"rendered":"\n\n\n
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All three conventional energy commodities closed in the red for the week amid oversupply concerns and weaker-than-expected demand from China.<\/em><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Crude Oil<\/p>\n

Crude lost mid-week gains<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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  • WTI crude futures settled at $76.7\/barrel on Friday’s session, following reports that Qatar urged Iran to de-escalate tensions with Israel, offsetting any weekly upward moves.<\/li>\n
  • The drop in oil prices also reflects broader concerns about weakening demand from China, the world’s top oil importer.<\/li>\n
  • Daily oil production has increased by 22% over the last 4 years. The US is now the world’s largest oil producer, exceeding Russia’s output by ~35% and Saudi Arabia by ~38%.<\/li>\n
  • OPEC and IEA have both lowered their oil demand growth forecasts due to China’s economic weakness.<\/li>\n<\/ul>\n

    Gasoline<\/p>\n

    Gasoline futures reached 6-month low<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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    • Gasoline futures in the US fell to around $2.35 per gallon, approaching the over-six-month low of $2.3 reached on August 6th, tracking the lower prices in oil benchmarks as markets continued to assess the demand outlook.<\/li>\n
    • IEA noted that the oil market is due to record a supply surplus in Q4 if OPEC+ goes forward with its plans of phasing out production cuts.<\/li>\n
    • This magnified the cartel’s downward revision to this year’s demand, primarily due to China’s slowing economy and the consequent drop in energy consumption.<\/li>\n
    • Implied demand for gasoline increased after two consecutive weekly declines, strengthening +1.8% on a yearly basis.<\/li>\n<\/ul>\n

      Natural Gas<\/p>\n

      Natural gas struggles to gain as storage surges<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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      • US natural gas futures fell by over 3% w\/w to below $2.15\/MMBtu on Friday due to forecasts for cooler weather and high gas storage levels, despite a surprising draw in inventories.<\/li>\n
      • US EIA reported a draw of 6 bcf from inventories for the week ending August 9th, lowering stocks to 3.264 tcf.<\/li>\n
      • Despite this draw, storage remains 6.5% higher than last year and 12.5% above the five-year average.<\/li>\n
      • High production and reduced demand from LNG maintenance have kept storage levels high.<\/li>\n
      • The market remains weak, reflecting concerns about excess supply despite the EIA’s unusual early August draw.<\/li>\n<\/ul>\n

         <\/td>\n<\/tr>\n<\/tbody>\n<\/table>","protected":false},"excerpt":{"rendered":"

        All three conventional energy commodities closed in the red for the week amid oversupply concerns and weaker-than-expected demand from China. Crude Oil Crude lost mid-week gains WTI crude futures settled at $76.7\/barrel on Friday’s session, following reports that Qatar urged Iran to de-escalate tensions with Israel, offsetting any weekly upward moves. The drop in oil […]<\/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-9315","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/posts\/9315","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=9315"}],"version-history":[{"count":1,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/posts\/9315\/revisions"}],"predecessor-version":[{"id":9316,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/posts\/9315\/revisions\/9316"}],"wp:attachment":[{"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/media?parent=9315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/categories?post=9315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/tags?post=9315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}