Oil & Gas
Crude oil, natural gas, NGLs, LNG and refined products — the markets that move producer revenue.
Global Oil Balances Tighten as Agencies Diverge on Demand Outlook
April releases from the EIA, OPEC, and the IEA point to a market undergoing a rapid shift. The market has moved from expectations of oversupply at the star...
· Narciso Cano2 min read
Why The WTI Price You See On TV Isn't The Price You Hedge
In the world of energy trading, not all pricing tools are created equal. Two commonly used benchmarks, WTI Futures Contracts and WTI Calendar Month Average (CMA) Contracts, serve different purposes and appeal to different types of traders and hedgers.
· Ryan Alexander3 min read
War Extends Through April, Driving Further Shifts in April STEO Crude Outlook
The latest Short-Term Energy Outlook (STEO) highlights a crude market that has rapidly shifted from surplus to disruption-driven tightness following the ef...
· Narciso Cano2 min read
War in the Gulf Forces Major Revisions in March STEO Crude Outlook
The EIA's March Short-Term Energy Outlook (STEO) includes one of the largest month-to-month revisions to crude market expectations in recent years, driven ...
· Narciso Cano2 min read
Transco Expansion to Unlock New Appalachian Production
Transco’s 1.6 Bcf/d Southeast Supply Enhancement Project Status Update Transcontinental Gas Pipeline’s 1.6 Bcf/d Southeast Supply E...
· Thomas Liardon2 min read
China's Inventory Builds Could Help Moderate Oil Market Tightness
China’s Inventory Builds Could Help Moderate Oil Market Tightness With conflict in the Middle East threatening regional energy flows, Chinese author...
· Narciso Cano2 min read
Producer Hedging Surges as Oil Rallies Following Middle East War
The start of March has seen a surge in trading activity as oil producers moved aggressively to hedge production following a sharp rally in crude prices. Th...
· Narciso Cano3 min read
Rising Call-Skew Signals Acute Oil Risk and a Rare Hedging Opportunity
This rarely happens: oil producers are currently being paid a larger premium to use costless collars. When we compare similarly out-of-the-money put option...
· Narciso Cano2 min read
Golden Pass LNG Starts Up
After several years of delays, ExxonMobil’s Golden Pass LNG export facility has finally begun receiving material volumes of feedgas. Golden Pass will...
· Christian Drolshagen2 min read
Regional Basis Differentials Will Not Always Participate When Henry Hub Rallies
Regional gas markets are unpredictable and disrupted when Henry Hub prices are high, cold weather arrives, and demand exceeds supply – if January 202...
· AEGIS Market Analytics5 min read
Winter storm impacts fade but leaves a more bullish outlook
Last week’s winter storm Fern sent natural gas demand higher, supply lower, and resulted in the highest monthly Henry Hub contract settlement since 2...
· Christian Drolshagen3 min read
Iran Escalation Lifts Crude Despite Bearish Fundamentals
Rising tensions between the United States and Iran have become the dominant driver of crude markets, pushing WTI prices above $66/Bbl and lifting oil to th...
· Narciso Cano2 min read
Producers Rush to Hedge as Natural Gas Prices Explode Higher
After the Henry Hub natural gas price for February doubled, oil-and-gas producers aggressively locked in hedges. Cold weather caused the largest one-week rally since at least 1990. Oil and gas producers leaned into the historic rally in Nymex Henry Hub prices driven by Winter Storm Fern.
· Jay Stevens2 min read
Hedging NGLs Is Often Overlooked by Oil and Natural Gas Producers, But Should It Be?
Producers that do not hedge NGLs are overlooking a material source of risk to revenue, especially in oil and rich-gas plays where NGL contributions can be significant. In oil-focused plays, AEGIS data show NGLs can generate up to three times more revenue than natural gas.
· Ryan Alexander7 min read
Kazakhstan's Supply Disruptions Highlight Crude's Short-Term Sensitivity
Oil prices continue to trade in a market defined by structural oversupply, yet recent events in Kazakhstan underscore how temporary supply disruptions can ...
· Narciso Cano2 min read
February Natural Gas Surges Nearly $2 Ahead of Winter Storm
The February Henry Hub contract has risen $1.90 in the last three days, with the contract rising from $3.10/MMbtu on Friday to more than $5.00/MMbtu as o...
· Christian Drolshagen2 min read
Oil Prices Reflect Fundamentals More Than Geopolitical Headlines in 2025
Geopolitical risk is often associated with upward pressure on oil prices, with conflicts, sanctions, and supply disruptions contributing to risk premiums i...
· Narciso Cano2 min read
Volatile Henry Hub Price Action Provided Opportunistic Hedging for Producers
Natural gas prices experienced a sharp increase followed by a rapid decline within the initial eleven days of December. Cold weather forecasts for Decembe...
· Jay Stevens2 min read
Propane Prices Firm on Colder Weather, Despite a Loose Market
Propane prices strengthened in early December even though the underlying market remains well supplied. After trading in the lower $0.60/gal range through m...
· Narciso Cano2 min read
EIA Projects Looser Oil Balances in 2026 Amid Persistent Non-OPEC Growth
The latest Short-Term Energy Outlook (STEO) from the EIA presents a materially looser global oil landscape heading into 2026, driven by persistent non-OPEC...
· Narciso Cano2 min read
What a Ukraine-Russia Peace Deal Could Mean for the Global Crude Market
A potential peace deal between Ukraine and Russia would arrive as the oil market moves into surplus. De-escalation could unwind remaining risk premiums at ...
· Narciso Cano3 min read
Next Winter's Waha Basis Gas Prices Starting to Slip?
The “bullish” part of the Waha basis curve has been getting weaker. The Winter ’26-’27 strip has come off its near year-to-date hig...
· Jay Stevens2 min read
Golden Pass LNG On Track for Winter Startup
After numerous delays over the past several years, the Golden Pass LNG export plant developed by ExxonMobil and Qatar Energy finally looks to be on track a...
· Christian Drolshagen2 min read
EIA Raises Price Forecasts Despite Growing Supply Surplus
The US Energy Information Administration’s (EIA) November 2025 Short-Term Energy Outlook (STEO) the agency raised its crude oil price forecasts for 2...
· Narciso Cano3 min read