Daily Market Update - May 22, 2024
Today in oil and natural gas markets: DOE stats follow API theme and the crude complex responds, NYMEX natural gas rallies sharply ahead of EIA inventory data and without incremental cooling expected
In Today’s Energy Market Update:
Oil Complex: Year-over-year inventory surplus expansion for a market which was supposed to be undersupplied weighs on the entire crude complex
Natural Gas: More upside without a clear day-over-day catalyst, tomorrow’s EIA inventory number and the one to follow are poised to show both a continuation of under supplied conditions and a reduction in the still large storage overhang
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