{"id":9037,"date":"2024-04-02T11:29:52","date_gmt":"2024-04-02T15:29:52","guid":{"rendered":"https:\/\/www.fundamentalanalytics.com\/?p=9037"},"modified":"2024-04-05T11:34:44","modified_gmt":"2024-04-05T15:34:44","slug":"energy-stockpiles-funda-view","status":"publish","type":"post","link":"https:\/\/www.fundamentalanalytics.com\/pt\/energy-stockpiles-funda-view\/","title":{"rendered":"Energy Stockpiles Fundamental View"},"content":{"rendered":"<p style=\"text-align: center;\">April 2, 2024<\/p>\n<p style=\"text-align: center;\"><em>Conventional energy commodities have mixed data at the inventory level with geopolitical risk pushing them up.<\/em><\/p>\n<hr \/>\n<h3>Crude Oil<\/h3>\n<p style=\"text-align: center;\"><strong>WTI grew despite a buildup in stocks<br \/>\n<\/strong><\/p>\n<p style=\"text-align: center;\"><strong><img fetchpriority=\"high\" decoding=\"async\" class=\"image_content\" src=\"https:\/\/files.constantcontact.com\/cdf199da001\/0b7192f3-5da2-44a6-ac60-29753643a0b2.png?rdr=true\" alt=\"\" width=\"862\" height=\"504\" data-image-content=\"\" \/><\/strong><\/p>\n<ul>\n<li>WTI futures rose +18.2% during Q1 2024, despite a strong buildup in inventory.<\/li>\n<li>WTI crude futures settled at $83.2 per barrel on Thursday, advancing for the third consecutive month amid ongoing efforts by the OPEC+ alliance to curb supply, as well as persistent geopolitical risks in Eastern Europe and the Middle East.<\/li>\n<li>In early March, OPEC+ agreed to extend voluntary production cuts through the end of Q2 2024 and is expected to maintain current output policies when it meets next week.<\/li>\n<li>Oil prices were also boosted recently by Ukrainian drone attacks on Russian refineries which affected more than 10% of the country\u2019s oil processing capacity.<\/li>\n<li>On a YTD basis stocks strengthened by 17.1 million barrels, but oil traders remain bullish.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>Gasoline<\/h3>\n<p align=\"center\"><strong>Gasoline prices gradually advance<br \/>\n<\/strong><\/p>\n<p align=\"center\"><strong><img decoding=\"async\" class=\"image_content\" src=\"https:\/\/files.constantcontact.com\/cdf199da001\/4ff1b09a-8dd9-41ce-894c-2eb33c6635d7.png?rdr=true\" alt=\"\" width=\"835\" height=\"458\" data-image-content=\"\" \/><\/strong><\/p>\n<ul>\n<li>NYMEX gasoline futures soared more than +31% on Q1 2024, as a historically high level of inventory fell abruptly.<\/li>\n<li>During the last week of March, gasoline prices remained within $2.74- $2.76 range, amid further evidence of muted demand and eased concerns of low supply.<\/li>\n<li>The latest report from the EIA showed that gasoline products supplied, a close proxy for demand in US markets, extended last week\u2019s sharp drop by 94 thousand barrels on the period ending March 22nd.<\/li>\n<li>Additionally, gasoline stockpiles in the US jumped by 1.3 million barrels in the week, challenging market expectations of a 1.65-million-barrel draw and halting seven consecutive weeks of declines.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>Natural Gas<\/h3>\n<p align=\"center\"><strong>LNG storage is strong, sending futures lower<br \/>\n<\/strong><\/p>\n<p align=\"center\"><strong><img decoding=\"async\" class=\"image_content\" src=\"https:\/\/files.constantcontact.com\/cdf199da001\/462d1085-12e2-43f0-b271-d6e75e071960.png?rdr=true\" alt=\"\" width=\"880\" height=\"500\" data-image-content=\"\" \/><br \/>\n<\/strong><\/p>\n<ul>\n<li>Natural gas prices plunged -31.3% as Q1 2024 ended.<\/li>\n<li>US natural gas prices closed March slightly above $1.76\/MMBtu mark due to a larger-than-expected storage draw reported by the EIA and increased demand forecasts for the next two weeks.<\/li>\n<li>Utilities withdrew 36 bcf of gas from storage, exceeding the 28 bcf draw expected by the market.<\/li>\n<li>Futures prices are expected to remain under pressure due to forecasts of mild weather, ample gas in storage, and reduced gas flow to LNG export plants.<\/li>\n<li>These factors may lead to record-high US gas consumption in 2024 and the first production cut since 2020.<\/li>\n<li>Energy firms have already reduced output by about 3% in response, delaying well completions and scaling back drilling activities<\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>April 2, 2024 Conventional energy commodities have mixed data at the inventory level with geopolitical risk pushing them up. Crude Oil WTI grew despite a buildup in stocks WTI futures rose +18.2% during Q1 2024, despite a strong buildup in inventory. WTI crude futures settled at $83.2 per barrel on Thursday, advancing for the third [&hellip;]<\/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-9037","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/posts\/9037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/comments?post=9037"}],"version-history":[{"count":2,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/posts\/9037\/revisions"}],"predecessor-version":[{"id":9039,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/posts\/9037\/revisions\/9039"}],"wp:attachment":[{"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/media?parent=9037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/categories?post=9037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/tags?post=9037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}