EBW Warned of Faltering Gas Demand Heading Into Holiday Weekend
EBW Analytics warned that U.S. natural‑gas demand could weaken heading into the President’s Day weekend, after the front‑month NYMEX contract briefly spiked to $3.316 per MMBtu before retreating. A recent EIA report showed a 249 billion‑cubic‑foot draw, leaving storage 97 bcf below last year’s level and 130 bcf under the five‑year average. Analyst Eli Rubin noted that without a cold‑air surge, prices could slip below $3/MMBtu as the current 97 bcf deficit flips to a 170 bcf surplus by late February. EBW projects short‑term support from storage deficits but a bearish outlook for futures over the medium term.
North America Drops 6 Rigs Week on Week
North America’s weekly rig count slipped by six to 773, with the U.S. remaining steady at 551 rigs and Canada falling to 222. In the United States, oil rigs decreased by three while gas rigs rose by three, shifting the...
Analyst Highlights Focus of IEW Event
The International Energy Week (IEW) in London highlighted the clash between geopolitics and a projected global oil surplus for 2026. SEB commodities analyst Bjarne Schieldrop warned that OPEC+ will likely trim production by roughly three million barrels per day to...
Ukraine Strikes 2nd Lukoil Refinery in Russia This Week
Ukrainian drones struck Lukoil’s Ukhta refinery in the Komi region, igniting a blaze in the primary unit and a visbreaker. The attack follows a high‑precision strike on Lukoil’s larger Volgograd refinery earlier this week. Ukhta processes about 60,000 barrels of...
USA Crude Oil Stocks Rise More Than 8MM Barrels WoW
U.S. commercial crude inventories rose by 8.5 million barrels in the week ending Feb 6, reaching 428.8 million barrels—about three percent below the five‑year seasonal average. Total petroleum stocks slipped 1.7 million barrels week‑on‑week but remain up 81.9 million barrels year‑on‑year. Refinery runs edged lower...
USA Labor Market Report Underpins Energy Demand
Rystad Energy highlighted that January U.S. non‑farm payrolls increased by 130,000, pushing the unemployment rate down to 4.3% and surpassing consensus expectations. The stronger labor market is viewed as a modest tailwind for demand for transport fuels, petrochemicals and power...