- WTI is down $1.32 to $57.26/Bbl, and Brent is down $1.13 to $64.04/Bbl
- Oil prices took a breather on Wednesday, after four straight days of gains
- The price decline for both Brent and WTI comes after the US Federal Reserve cut by only 25 bps
- The broad market was hoping for a larger rate cut
- The price decline for both Brent and WTI comes after the US Federal Reserve cut by only 25 bps
- US crude inventories fell by 8.5 MMBbl to 436.5 MMBbl last week in the seventh straight week of declines
- Stocks at storage and trading hub Cushing, Oklahoma, fell by 1.5 MMBbl to 48.9 MMBbl in a fourth straight week of declines
- Total crude oil stocks have dropped by almost 50 MMBbl since early June
- The US and China will hold a new round of talks in September to try and resolve the ongoing trade war
- The White House said the meeting was constructive and it expects negotiations on an enforceable trade deal to continue in Washington next month
- An ongoing trade war has weighed on both crude oil and equity markets as both rely on demand growth to which the trade war is hampering
- Natural gas is up 5.8c to $2.291/MMBtu
- Natural gas storage is expected to build by roughly 52 Bcf
- Analyst expectations range from 47 to 59 Bcf
- An injection within these bounds would increase storage to 2.621 Tcf and signal a shift back to above-average builds
- The corresponding week last year grew by 31 Bcf
- FERC has given Cheniere the seal of approval to resume work on the Midship Pipeline
- The 1.44 Bcf/d pipeline is designed to send SCOOP/STACK gas to Bennington, OK for further transport into northern Louisiana
- Dominion updated investors on their progress with the Atlantic Coast Pipeline during their 2Q2019 earnings call
- Construction is expected to resume in 3Q2019 with partial service in 2H2020
- Full service should be available in 1H2021
