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The energy sector is off to a mixed-to-higher start, supported by strength in the crude complex, but pressured by modest losses in the major equity futures. The broader market futures retreated this morning after July’s PPI print came in hotter than expected. The producer price index, rose more than expected last month, advancing 0.3%. Economists polled by Dow Jones expected an increase of 0.2%.
WTI and Brent crude oil futures are higher this morning and are set to post gains for their seventh-consecutive week, following optimistic demand forecasts from OPEC+ and the IEA which overshadowed demand concerns from China. Last night, OPEC+ said it expects global oil demand to rise by 2.25 million bpd in 2024, as the firm anticipates China’s economic growth will boost oil consumption. This morning, the IEA warned global inventories could decrease further throughout the end of 2023, which would add to the tailwinds fueling oil’s recent rally.
Natural gas futures have erased earlier gains and are now lower on a larger-than-expected storage build. The EIA weekly storage report (week ended 4-Aug) showed a build of +29 Bcf vs consensus +24 Bcf and vs 5-yr average of +46 Bcf.
The oil is a light hydrocarbon. The rate of associated gas that the well produces is up to 825,000 cubic feet per day, it said.
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Merger and acquisition activity in the U.S. upstream oil and gas sector slowed significantly...
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