Daily Market Update - June 11, 2024
Today in oil and natural gas markets: Quiet day for the crude complex as the market ponders 2H 2024 tightness predicted by OPEC and the DOE, NYMEX rally fueled by record late June heat
In Today’s Energy Market Update:
Oil Complex: DOE and OPEC have varied styles of forecast revisions, but both make directionally bullish changes for 2H 2024, API stats suggest we are back in withdrawal mode, and diesel v. gasoline premium expands on a generally benign day for the market
Natural Gas: Forecasted temps of 90 and above from coast-to-coast fuel another leg higher for the natural gas market while power pricing shows no response in virtually any region. Front month closes over yesterday’s intraday peak, and Cal 25 breaks out to the upside as well
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