- WTI is down 3c to $41.34/Bbl, and Brent is down 12c to $43.95/Bbl.
- WTI is set to see its first weekly decline in four weeks, as a strengthening dollar and demand concerns pressure prices
- According to Bloomberg, WTI put volumes are at their highest levels since mid-June
- Gulf Coast refineries expected to bring shut-units online through next week (Reuters)
- The Valero (250 MBbl/d), Total (185 MBbl/d) refineries in Port Arthur are expected to resume limited operations on Monday
- Exxon Mobil has also said that they are currently in the process of restarting units at their 369 MBbl/d refinery in Beaumont, Tx and expect the refinery to be restarted later today
- Mexico announces intent to trim 2021 Pemex production goal (Bloomberg)
- Mexico is likely to cut its crude production goal for 2021 after missing this year’s target, said a senior lawmaker from the ruling party
- The government’s preliminary 2.027 MMBbl/d output goal for next year is stretched, up from the 1.83 MMBbl/d expected by the Finance Ministry this year
- In July, the company’s output hit its lowest levels since October of 1979, as the coronavirus dampened demand
- Natural gas is up 3.2c to $2.519/MMBtu.
- Waha and Midcontinent-area basis remain at historically strong levels for both Cal ’21 and Cal ‘22
- Cal ’21 and Cal ’22 Waha settled at -0.330 and -0.314, respectively
- Cal ’21 and Cal ’22 Panhandle settled at -0.346 and -0.373 for the same tenors, while NGPL Midcon settled a few cents better at -0.313 and -0.330
- The Chicago forward curve has remained relatively unchanged over the last six months or so; unless these forward prices improve, additional upside for Waha and Midcontinent basis pricing will be limited
- The EIA reported a 35-Bcf build for the week ending August 28, this was slightly larger than the 34-Bcf build analysts expected
- Total stocks now stand at 3.455 Tcf which is 407 Bcf above the five-year average
- ICE has the end-of-season storage number at 4.000 Tcf following the latest injection report
