Latest news with #inventories
Yahoo
a day ago
- Business
- Yahoo
Smaller-Than-Expected Build in EIA Inventories Lifts Nat-Gas Prices
August Nymex natural gas (NGQ25) on Thursday closed up sharply by +0.123 (+3.83%). Aug nat-gas prices on Thursday settled sharply higher due to a smaller-than-expected build in weekly inventories. The EIA reported that nat-gas inventories rose by +53 bcf in the week ended July 4, below expectations of +61 bcf. Forecasts for hotter temperatures in the West also gave nat-gas prices a boost after forecaster Vaisala said above-normal temperatures are expected to persist in the West July 20-24. The Golden Rule of Grains: Why "Imaginary Fundamentals" Are Crushing Corn & Soybeans Nat-Gas Prices Tumble on Cooler US Temps and Building Inventories Crude Oil Gains on Energy Demand Optimism Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! On Wednesday, nat-gas prices tumbled to a 6-week low due to cooler US weather forecasts after Vaisala said that forecasts shifted cooler in the Midwest for July 14-18 and weather outlooks shifted cooler for the eastern half of the US for July 19-23. The cooler temperatures should reduce nat-gas demand from electricity providers to power air conditioning. Lower-48 state dry gas production on Thursday was 106.3 bcf/day (+4.1% y/y), according to BNEF. Lower-48 state gas demand on Thursday was 76.8 bcf/day (-8.7% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Thursday were 15.5 bcf/day (+4.0% w/w), according to BNEF. An increase in US electricity output is positive for nat-gas demand from utility providers. The Edison Electric Institute reported Wednesday that total US (lower-48) electricity output in the week ended July 5 rose +1.0% y/y to 93,747 GWh (gigawatt hours), and US electricity output in the 52-week period ending July 5 rose +2.4% y/y to 4,247,938 GWh. Thursday's weekly EIA report was bullish for nat-gas prices since nat-gas inventories for the week ended July 4 rose +53 bcf, below the consensus of +61 bcf and right on the 5-year average for the week. As of July 4, nat-gas inventories were down -6.0% y/y, but were +6.1% above their 5-year seasonal average, signaling adequate nat-gas supplies. As of July 8, gas storage in Europe was 61% full, compared to the 5-year seasonal average of 71% full for this time of year. Baker Hughes reported last Thursday that the number of active US nat-gas drilling rigs in the week ending July 4 fell by -1 to 108 rigs, slightly below the 15-month high of 114 rigs posted on June 6. In the past nine months, the number of gas rigs has risen from the 4-year low of 94 rigs reported in September 2024. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Argaam
4 days ago
- Business
- Argaam
US oil inventories rise 7.1M barrels last week
Crude oil inventories in the US increased more than expected in the week ended July 4, marking the second consecutive weekly rise, according to a report released by the Energy Information Administration (EIA). Crude oil inventories increased by about 7.1 million barrels last week, compared to expectations for a fall of about 1.5 million barrels. Meanwhile, gasoline inventories declined by 2.7 million barrels, and distillate stocks—including diesel and heating oil—fell by 800,000 barrels.
Argaam
02-07-2025
- Business
- Argaam
US crude inventories log 3.8M-barrel hike last week
US crude oil inventories increased unexpectedly in the week ended June 27, marking the first weekly hike in six weeks, data by the Energy Information Administration (EIA) showed. Commercial crude inventories added 3.8 million barrels last week, compared to forecasts for a 1.7-million-barrel slump. Gasoline inventories also jumped by 4.2 million barrels, while distillate stocks — including diesel and heating oil — shed 1.7 million barrels.
Argaam
02-07-2025
- Business
- Argaam
US oil inventories rise 680,000 barrels last week: API
Crude oil inventories in the US rose last week, while distillate stockpile decreased, offering mixed signals on fuel consumption in the world's largest economy, despite expectations of a demand rebound during the summer season. Crude oil inventories in the US rose in the week ended June 27, according to a report released by the American Petroleum Institute (API) against expectations of a 2.26 million-barrel drawdown. Meanwhile, gasoline inventories rose by 1.92 million barrels, and distillate stocks—including diesel and heating oil—fell by 3.45 million barrels. Investors are now awaiting official inventory data from the Energy Information Administration (EIA) due today July 2, with consensus forecasts pointing to a 3.5 million-barrel decline, following a 5.8 million-barrel drop the previous week. At the close of July 1 trading session, Brent crude futures for September delivery rose by 0.55%, or 37 cents, to settle at $67.11 per barrel, while WTI crude futures for August delivery inched up 0.52%, or 34 cents, ending the session at $65.45 per barrel.
Yahoo
26-06-2025
- Business
- Yahoo
Copper Spreads Spike Again as Goldman Says Shortages to Worsen
(Bloomberg) -- A key one-day copper price spread surged to the highest level in four years on the London Metal Exchange, placing fresh strains on buyers contending with a rapid decline in inventories. US Renters Face Storm of Rising Costs US State Budget Wounds Intensify From Trump, DOGE Policy Shifts Commuters Are Caught in Johannesburg's Taxi Feuds as Transit Lags Mapping the Architectural History of New York's Chinatown Contracts due in one day traded at a $98 a ton premium to those expiring a day later, hitting the highest level since an historic short squeeze that rocked the LME in 2021. The burgeoning supply squeeze has been fueled by US President Donald Trump's plans to impose import tariffs on the metal. The proposal — which was formally set in motion in February — has caused copper prices to rocket in New York, and traders have been shipping record volumes to the US to take advantage of the surge before any levies are imposed. That trend has drained inventories in the rest of the world, and Goldman Sachs analysts warned on Thursday that shortages will get worse before levies come into effect, with the bank expecting a decision by September. The spike in the so-called Tom/next spread — known as a backwardation — can impose huge losses on traders and industrial hedgers with short positions on the LME. It creates an incentive for shorts to deliver metal against their contracts rather than buying them back at high prices, and rolling them forward at a loss. With readily available LME inventories now reaching critically low levels after declines of nearly 80% this year, there's very little copper on hand for shorts to close out their positions. The huge backwardation on Tom/next and other longer-dated spreads reflect the growing cost of buying themselves out of their obligation to deliver. Outright copper prices also rallied strongly on Thursday, with the LME's benchmark three-month contract climbing as much as 1.8% to $9,888 a ton. Prices jumped as much as 3.7% in New York, outstripping gains on the LME and creating even stronger incentives for traders to ship metal to the US. Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push How to Steal a House Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Apple Test-Drives Big-Screen Movie Strategy With F1 Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros ©2025 Bloomberg L.P.
