Natural Gas Prices Consolidate Following EIA Inventory Report
Natural gas prices moved slightly higher on Thursday closing...
Natural gas prices moved slightly higher on Thursday closing up 2 cents at $6.95, following the Department of Energy’s inventory report. LNG demand remains strong, and natural gas arrivals at LNG terminals continue to climb. Five of the past six days have been above 12.27 Bcf. The weather is expected to be colder than normal on the East Coast and mid-West for the next 2-weeks.
According to EIA estimates, natural gas in storage was 1,450 Bcf as of Friday, April 15, 2022. This rise in stockpiles represents a net increase of 53 Bcf from the previous week. Expectations were for a 40 Bcf build. Stocks were 428 Bcf less than last year at this time and 292 Bcf below the five-year average of 1,742 Bcf. At 1,450 Bcf, the total working gas is within the five-year historical range.
Dow finishes 360 points lower as stocks give up strong early gains
Stocks ended sharply lower Thursday, reversing strong early gains as Treasury yields saw a renewed rise....
Stocks ended sharply lower Thursday, reversing strong early gains as Treasury yields saw a renewed rise. The Dow Jones Industrial Average DJIA, -1.05% fell around 369 points, or 1%, to finish near 34,792, according to preliminary figures, while the S&P 500 SPX, -1.48% dropped 1.5% and the Nasdaq Composite COMP, -2.07% tumbled 2.1%. The yield on the 10-year Treasury note rose around 6 basis points to 2.902%.
Oklahoma Shale Driller Chaparral Rebrands as Canvas Energy
Chaparral Energy Inc. unveiled on April 20 a corporate rebranding to Canvas...
Chaparral Energy Inc. unveiled on April 20 a corporate rebranding to Canvas Energy Inc., completing a strategic transformation that emphasizes the company’s ESG principles, according to CEO Chuck Duginski.
“While we have a long history as a trusted operator in Oklahoma, we have made tremendous progress over the last several years in completely transforming our business,” Duginski commented in a company release.
“We have clearly articulated our ESG principles and have become leaders in EH&S performance,” he continued.
EIA reports drop in crude oil inventories of 8MM BO
Crude inventories fell by 8 million barrels in the week ended April 15 to 413.7 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.5 million-barrel rise.
That was driven by a surge in exports, which rose to 4.3 million barrels per day in the most recent week, the most since March 2020, while imports fell to their lowest since April 2021. This is a reflection of worldwide demand for crude as Russian exports have fallen since its invasion of Ukraine in February.
Those exports offset an injection of 4.7 million barrels from U.S. strategic reserves as part of the White House’s efforts to lower fuel prices overall.
