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Natural Gas Pulls Back Ahead Of Today's Projected Near-Average +48 BCF Storage Injection; Oil Dips After EIA Reports 2-Year High Domestic Production Even As Inventories See Largest Weekly Drawdown For August 5-11 On Record; Nuclear Outages Hold Near 5-Year Low, Suppressing Natural Gas Substitution Demand
Thursday, August 17, 2017
The EIA reported a massive -8.9 MMbbl crude oil drawdown for August 5-11 in its Wednesday morning Petroleum Status Report, but oil fell nearly 2% on the day due to fears over domestic production, which rose to a new 2-year high. For more discussion and analysis of this week's data, please see my article published this morning on Seeking Alpha entitled, "EIA Reports Record Weekly Inventory Drawdown, But Oil Falls As Tug-Of-War Continues--Who Is Right?"
Turning now to natural gas, that commodity continued its own pullback on Wednesday ahead of today's Weekly Storage Report, falling 4.5 cents or 1.5% to settle at $2.89/MMBTU. The commodity has fallen each of the first 3 days of the trading week, dropping 3.2%, and has given back nearly half of last week's 7.5% gain. The driving force behind the pullback seems to be a moderation in the temperature forecast for the second half of August which had turned sharply warmer late last week, even as natural gas remains nearl...
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