June 24, 2019

June 24, 2019July 18th, 2019
Print Friendly, PDF & Email
  • WTI is up 39c to $57.82/Bbl, and Brent is up 4c to $65.24/Bbl
  • Russian comments from its energy minister signal likely cooperation with OPEC
    • Minister Alexander Novak said on Monday that International cooperation on crude production has helped stabilize the oil markets and is more important now than ever (Reuters)
    • Russia has always been reluctant to jump head first into oil cuts like Saudi Arabia has in previous cooperation
  • The US oil-directed rigs rose by one to 789, off the lowest level since February 2018
    • By state, Texas lost the most, at four, while Pennsylvania lost two
      • State totals include gas and oil directed rigs
  • President Trump plans to impose more sanctions on Iran as soon as Monday in retaliation to a downed US drone near Iran
    • The US has already targeted Iran heavily with sanctions, leaving only smaller targets
  • Natural gas is up 5.8c to $2.244/MMBtu
  • There is currently a 40% to 60% chance of a tropical cyclone formation coming up through southern Mexico
    • The storm is forecasted to travel west to northwestward away from the coast
  • Record June gas demand, 65.5 Bcf/d, is also leading to multi-year highs for storage levels
    • Storage levels are negatively impacting west coast gas markets the hardest
    • Southern California city-gate cash prices currently sit at $1.14/MMbtu
    • Other west coast basis’ are reaching lows not seen since 2008
  • Baker Hughes gas rig count lost four rigs, to bring the total gas rig count to 177
    • The major gas basins, Haynesville and Marcellus remained unchanged, while the Utica basin lost one rig

Access Our Deeper Market Insights

Product Factor Matrix

Proprietary view of priced-in factors driving the market vs. potential bullish and bearish surprises.

Learn More

Trading Recommendations

Clear trading recommendations based on real market opportunities that enable clients to take action.

Learn More

Market Data

A comprehensive suite of the latest curves, spot pricing, settles, and strips to drive confident hedging decisions.

Learn More

Benchmarking and Trade Analytics

Real-time access to analyze your hedging strategy against AEGIS benchmarks and current market activity.

Learn More