September 26,2019

September 26, 2019
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  • The EIA reported a build of 2.4 MMBbls in crude inventories for the week ending September 20
    • Refinery runs fell by 193 MBbls/d with an operating capacity of just under 90%
    • AEGIS notes that the continued decline in refinery runs could mark the fall period of reduced oil demand. There may now be a tendency towards builds in storage following the end of summer
  • China cries foul after the US issues sanctions on shipping companies accused of doing prohibited business with Iran
    • Reuters reported six individuals and six entities were sanctioned for violating a new set of penalties against Iran
    • The companies included state-owned firms Cosco and Dalian, the largest shipping operators in the world
    • The US tightened sanctions against Iran after Saudi Arabia oil infrastructure was attacked on September 14
  • Analysts estimate natural gas will build by approximately 93 Bcf, while the corresponding build last year was only 51 Bcf
    • Estimates ranged from 83 Bcf to 98 Bcf
    • Should the build fall within this range, total storage would increase to nearly 3.2 Tcf
  • Natural gas exports to Mexico reached 5.8 Bcf/d on Wednesday, a new record (Platts)
    • The record follows the startup of the Sur de Texas, which has been averaging 0.5 Bcf/d of flows since beginning commercial operations
  • Freeport intends to have its first train in commercial service sometime in October, a slight delay from its September startup date
    • Each train represents a little over 0.7 Bcf/d in capacity
    • Freeport’s second and third trains are anticipated to come online in 4Q2019 and 2Q2020

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