{"id":9376,"date":"2024-10-14T15:43:17","date_gmt":"2024-10-14T19:43:17","guid":{"rendered":"https:\/\/www.fundamentalanalytics.com\/?p=9376"},"modified":"2024-10-21T15:43:55","modified_gmt":"2024-10-21T19:43:55","slug":"energy-prices-pressured-despite-high-upside-risk","status":"publish","type":"post","link":"https:\/\/www.fundamentalanalytics.com\/es\/energy-prices-pressured-despite-high-upside-risk\/","title":{"rendered":"Energy Prices Pressured Despite High Upside Risk"},"content":{"rendered":"\n\n\n
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Energy prices were mixed amid Hurricane Milton repercussions and uncertain demand from China.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Crude Oil<\/p>\n

September net imports fell -13.5% y\/y on lower domestic demand<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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  • WTI crude futures dipped by 0.3% to settle at $75.6 as investors considered the potential supply disruptions from the Middle East conflict and the effects of Hurricane Milton on fuel demand in Florida.<\/li>\n
  • Still, the US benchmark marked its second consecutive weekly gain, and it has surged over 10% since Iran’s missile attack on Israel.<\/li>\n
  • On the demand side, the outlook improved after top crude importer China unveiled a draft law to promote private sector growth, aiming to boost investor confidence amid an economic slowdown.<\/li>\n
  • The return of Libyan oil exports is also driving down crude prices in the North Sea and Mediterranean, as local refiners reduce purchases of non-regional crudes.<\/li>\n<\/ul>\n

    Gasoline<\/p>\n

    Q3 2024 net exports fell over -6% y\/y amid China demand concerns<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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    • Gasoline futures in the US fell to $2.05 per gallon from the over one-month high of $2.15 as crude oil supply concerns eased for refineries.<\/li>\n
    • Data from the EIA showed that crude oil stocks surged by nearly 6 million barrels on the week ending October 4th, nearly three times the expected build.<\/li>\n
    • The pullback for futures was also owed to skepticism that the Chinese fiscal stimulus signaled by Beijing would be enough to lift fuel demand.<\/li>\n
    • Lower energy demand in China was the culprit for the EIA to downwardly revise its global oil demand forecast this year by 300k bpd to 1.2 million bpd.<\/li>\n<\/ul>\n

      Natural Gas<\/p>\n

      Inventory build exceeds expectations, Hurricane Milton disrupts demand<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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      • US natural gas futures fell to $2.66\/MMBtu, extending its decline from the over-three-month-high of $3 as evidence of strong supply magnified the lower demand brought by hurricanes in the US Southeast.<\/li>\n
      • New data from the EIA showed that natural gas storage soared by 82Bcf on the week ending October 4th, the most since March, and sharply above market expectations of a 71 Bcf increase.<\/li>\n
      • Bearish pressure also came from the fallout of Hurricane Milton in Florida’s Gulf Coast, which prompted houses to cut off their electricity and reduce power demand from gas generators.<\/li>\n
      • Production levels also stayed low, with output estimated at 101.2 Bcf\/d as companies reduced activity in response to weak prices.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>","protected":false},"excerpt":{"rendered":"

        Energy prices were mixed amid Hurricane Milton repercussions and uncertain demand from China. Crude Oil September net imports fell -13.5% y\/y on lower domestic demand WTI crude futures dipped by 0.3% to settle at $75.6 as investors considered the potential supply disruptions from the Middle East conflict and the effects of Hurricane Milton on fuel […]<\/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-9376","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/posts\/9376","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=9376"}],"version-history":[{"count":1,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/posts\/9376\/revisions"}],"predecessor-version":[{"id":9377,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/posts\/9376\/revisions\/9377"}],"wp:attachment":[{"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/media?parent=9376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/categories?post=9376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/tags?post=9376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}