Daily Market Update - March 12, 2024
Today's movements in oil and natural gas markets: Prices settle slightly lower on increased U.S. crude output forecasts and higher-than-expected inflation data. Tight products remain in focus.
In Today’s Energy Market Update:
Oil Complex: Prices settled slightly lower after a mid-day climb, shrugging off OPEC’s unchanged 2024 outlook and focusing on the EIA’s record crude production forecast. After close, WTI rallied on the API’s storage report, which surprised markets with a large draw of -5.52 million barrels vs. expectations of a +400k bbl build. Global product inventories remain in focus as Europe enters refinery maintenance season and Russia suffers another refinery casualty in last night’s Ukrainian drone attacks.
Natural Gas: Natural gas extended losses for the fifth straight session despite an early-day rally fueled by CNX Resources’ reduced output guidance for 2024 and the EIA’s forecasts of record gas demand and overall power consumption.
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