First Look - OPEC+ ministers reject bearish reaction to OPEC meeting
June 06, 2024
Oil is higher this morning, around $74.25, extending yesterday's gains (As of 8:25 AM)
WTI futures traded higher by more than 80c yesterday but remain down on the week by about $2.50/Bbl
Saudi Aramco lowered its official selling price for Arab Light crude by 50c to a $2.40/Bbl premium to the regional benchmark
OPEC+ ministers reject bearish reaction to OPEC meeting (BBG)
OPEC+ ministers are predicting that the market will eventually see that the outlook of the group is correct and that the bearish reaction of the oil market is wrong
The Saudi Energy Minister said that, like other OPEC+ deals, they retain the option to pause or reverse production changes if needed
OPEC’s Secretary-General said that oil demand remains resilient, with global consumption rising by 2.3 MMBbl/d in the first quarter, as OPEC continues to forecast strong demand
Kurdistan and Iraqi governments to discuss exports (BBG)
A group of officials from Kurdistan’s regional government and oil producers will meet with the Iraqi government to “discuss finding a mechanism to overcome all obstacles hindering oil export resumption.”
Exports have been impacted for over a year due to a disagreement over payments
Looking for interest rate charts? We moved them here
Natural gas futures rally, buoyed by June heat ahead of storage data
July ’24 Henry Hub is up 7.8c this morning to trade around $2.835/MMBtu (As of 8:15 AM)
The Summer ’24 strip is up 9.0c to $2.893 and Winter ‘24/’25 strip is up 6.3c to $3.607
Today’s Euro Ensemble indicates a continued warming trend in the Lower 48, with temperatures driven higher by heat in the Midwest, South Central, and Southeast, and predicts the peak temperatures will occur in the 11-15 day period (Criterion)
Williams says court rules in its favor in pipeline dispute with Energy Transfer (PG&J)
Louisiana court ruled in favor of Williams in a dispute with Energy Transfer over the Louisiana Energy Gateway (LEG) Project
The ruling from the 36th Judicial District Court of Beauregard Parish covers all seven crossings and prohibits Energy Transfer from interfering with the pipeline's construction, operation, and maintenance
The 1.8 Bcf/d pipeline, delayed to the second half of 2025, will transport gas from the Haynesville shale field to the U.S. Gulf Coast
Get market insights delivered to your Inbox every day!