Daily Market Update - May 20, 2024
Today in oil and natural gas markets: Russian product exports, Spec WTI length falls, Bal 2024 natural gas climbs over $3, and a production response is thus far absent
In Today’s Energy Market Update:
Oil Complex: Russia eases product export ban, Iranian president dies in helicopter crash, spec bulls and bears move to the sidelines, and the streak of $80+ expiries is in jeopardy tomorrow
Natural Gas: Texas power markets are the topic of greatest interest on the heels of last week’s storm, nuclear outages in the Lone Star State, and soaring ERCOT power prices. When/if production will climb on a Bal year curve which is more than $0.50 off the lows remains the key question for a market which is rapidly loosing its conviction in late summer storage congestion risk
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