Posted by: zmanbackup | November 25, 2016

Friday Morning

Welcome to the backupsite. We had technical difficulties last evening with our primary server. We will be posting here until further notice (which should be soon). Apologies for the bare bones post today but we lost our prepared remarks for Friday when the server dropped.  If you wish to comment on the backup site, you will need to register with the backup site (register below via the login link in the comments field).

Oil closed down 7 cents at $47.96 on Wednesday in a low volatility session after EIA posted the fairly neutral inventory reported outlined below. Later in the day oil directed rigs rose by 3 to 474 vs 555 a year ago. We expect a fairly narrow range and low volume session today with volatility picking back up next week in front of the OPEC meeting. This morning oil is trading off $0.60 early.

Natural Gas rose 4 cents to close at $3.03 after EIA reported the first withdrawal of the season. Just 2 Bcf but the consensus was calling for a positive 7 and while we may still get one more small injection this season on holiday related slack demand we have essentially peaked with the long held expectation band of 3.95 to 4.05 Tcf. We see natural gas remaining within our near term expectations band of $2.80 to $3.10 until we get a more solid handle on the tail end of the winter forecast. This morning natural gas is trading flat.

Natural Gas Inventory Review and Oil Inventory Review

gas-table-111816

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gas-graphs-111816

 

eia-111816-a
eia-111816-b

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Responses

  1. Oil early
    http://www.cx-portal.com/wti/oil_en.html

  2. Quiet, low volume first hour. Expect more of same rest of day.

  3. NG up 5 cents 1 hour in.
    http://www.investing.com/commodities/natural-gas
    New western storm brewing.

  4. Headline watch: Saudi Arabia Wants OPEC Deal Before Non-OPEC Talks: Delegate

  5. We’re likely to be back up on the main site later today or this weekend. Will advise.

  6. SAUDI ARABIA TELLS OPEC IT WILL NOT ATTEND PLANNED TALKS WITH NON-OPEC #OIL PRODUCERS ON MONDAY – SOURCES – RTRS

  7. Oil back to $46.40 on Saudi comments. As noted previously, we’d rather see it lower than higher pre meeting.
    http://www.cx-portal.com/wti/oil_en.html

  8. CPE – new 52 week high

  9. Primary site restored


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