- WTI is up 21c to $53.83/Bbl, and Brent is up 5c to $58.94/Bbl
- OPEC will lose one of its members come January as Ecuador said Tuesday it will leave the organization starting in 2020
- Ecuador is one of group’s smallest producers and will have little effect on production levels
- The South American country stated that it wants to leave the group to boost oil revenues
- Global unplanned oil production outages from non-OPEC are at their lowest level since 2011, according to the EIA
- Unplanned outages fell to 64 MBbl/d in August with Sudan and South Sudan the only remaining non-OPEC producers with unplanned outages
- Among OPEC members unplanned outages have remain relatively high at 2.7 MMBbl/d in August, with Iran accounting for 2.1 MMBbl/d
- The American Petroleum Institute reported US inventories declined by 5.9 MMBbl last week
- More closely followed government data is due out later today
- EIA petroleum data is due out this morning at 9:30 am CT
- U.S. Crude Inventories: + 1,539 MBbls (Bloomberg surveys)
- U.S. Gasoline Inventories: – 30 MBbls
- U.S. Distillate Inventories: – 1,937 MBbls
- U.S. Refinery Utilization: – 0.26% change
- Natural gas is down 1.2c to $2.271/MMBtu
- Prompt month natural gas prices have fallen 11 days in a row, the longest losing streak on record
- The drop is due to a combination of record natural gas production, improved Permian takeaway capacity, and mild weather forecasts
- Analysts estimate natural gas storage to build by 109 Bcf for the week ending September 27
-
- Storage estimates ranged from 93 Bcf to 115 Bcf
- An injection within this range would bring total storage to just over 3.3 Tcf
-
