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Thursday Daily Commentary For Subscribers
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Natural Gas Falls To Near 3-Year Low As Loose Market & Bearish Weather Outlook Leaves Bears Unchecked; Crude Oil Dips Despite Bullish Inventory Drawdown As Refinery Demand Still Lags (For Now); EIA Projected To Announce Bearish +89 BCF Natural Gas Inventory Build In Today's Storage Report
Thursday, April 18, 2019
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In its weekly Petroleum Status Report for April 6-12, the EIA announced Wednesday morning that crude oil inventories fell by -1.4 MMbbls, the first storage drawdown in three weeks. The draw was nearly 5 MMbbls bullish versus the 5-year average +3.2 MMbbl storage build, but was shy of Tuesday's -3.1 MMbbl American Petroleum Institute (API) forecast. With the draw, inventories fell to 455.2 MMbbls. The nascent storage surplus versus the 5-year average flipped back to a -0.5 MMbbl storage deficit. However, inventories are still up a robust 27.6 MMbbls compared to this time last year.
The bullishness of the draw was driven by exceptionally soft crude oil imports which averaged just 5.99 MMbbls/day last week, the second time this year that imports failed to top 6 MMbbls/day, not having done so previously since the late 1990s. As a result, imports are down a massive 1.94 MMbbls/day year-over-year which has more than countered the rise in production which, after this week's 100,000 barrel/day decline...
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