GAS PRICES: $2.900/MMBTU
PLATTS - NYMEX March natural gas futures ticked higher in buying at lows overnight in the US ahead of Friday's open. At 7:10 am ET (1210 GMT) the contract was 4.4 cents higher at $2.900/MMBtu, having shed 13.9 cents the previous day.
March gas crumbled for the second consecutive session Thursday after the US Energy Information Administration outlined a net 99 Bcf withdrawal during the week ended January 26 that was below both the average anticipated 102 Bcf draw and the 160 Bcf five-year average pull.
Lackluster demand in the subsequent days suggests another modest withdrawal from stocks in the current week as the EIA's latest Natural Gas Weekly Update for the week ended January 31 shows a 2% week-on-week slump in total US gas consumption.
Seasonable to colder-than-normal weather in midrange outlooks suggests elevated heating demand and a ramped up rate of weekly storage draws but only briefly, as moderating conditions in longer-range projections suggests renewed demand weakness and a reprise of a slower rate of inventory erosion as winter transitions to spring.
|August, 17, 12:01:00|
|August, 17, 11:55:00|
|August, 17, 11:50:00|
|August, 17, 11:45:00|
|August, 17, 11:40:00|
|August, 17, 11:35:00|
U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.
NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.
GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.
REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.