Natural Gas in Underground Storage

The weekly EIA Natural Gas Storage Report advised that there was a withdrawal of 18Bcf (billion cubic feet) into Underground Storage for the week ending November 9th, 2017, the first of this winter.

This is 5Bcf above the median forecast of a 13Bcf withdrawal, the average prediction of sector analysts and traders in the Dow Jones Newswires weekly survey. The injection one year ago was 34Bcf and the 5-year average injection is 12Bcf. Storage is 271Bcf below last year for the same week and 101Bcf below the 5-year average.

Natural Gas Pricing

As of 11:41AM CST, December 2017, (the prompt month) Natural Gas was trading at $3.06, -$0.15 from one week ago and the 1-Year Spread average was $3.02, -$0.07 from one week ago

Crude Oil Pricing

As of 11:32AM CST, December, 2017, (the prompt month) Light, Sweet Crude on the NYMEX was at $55.19, -$1.90 from one week ago.


Crude Oil Inventory

US crude inventories increased by 1.9 million barrels to 459.0 million barrels for the week ended November 9th, according to data released yesterday morning by the US Department of Energy. Traders in the Reuters poll projected a draw of 2.2 million barrels.

U.S. Rotary Rigs

U.S. Rotary Rigs drilling for natural gas were unchanged at 169 for the week of November 10th. The number of rigs currently drilling for Natural Gas is 54 higher than last year’s level of 115.  US Rigs drilling for oil were +9 at 738.  There are 286 more rigs targeting oil than last year. Canadian rigs were +11 at 203 for the week. Rigs targeting oil remain at 81% of all drilling activity.

Geopolitical

Scientists warn of climate change global catastrophe: More than 15,000 of the world's leading climate scientists have issued a stark warning — time is running out to prevent a global environmental collapse. It's believed to be the largest number of scientists to ever put their names to a study which predicts catastrophic problems that could come from climate change. It predicts temperature rises and unpredictable weather patterns will cause widespread misery. But it says it's not too late for governments to do something about the problem.

Weather

The AccuWeather 1-5 day Outlook forecasts above-normal temperatures the Northeast while the balance of the country is projected to be above-normal or normal. The 6-10 Day Outlook forecasts the Eastern third of the US at below-normal temps with the center of the country at normal temps and the West at above-normal temps. The 11-15 day Outlook forecasts a similar view ti the 6-10 Day Outlook while the 30-Day Outlook forecasts the Coasts to be above normal temps with the rest of the country at normal temps.

Sustainability and Renewables

Auto maker Fisker claims solid-state battery ‘breakthrough’ for electric cars with 500 miles range and 1 min charging: When Henrik Fisker relaunched its electric car startup last year, he announced that their first car will be powered by a new graphene-based hybrid supercapacitor technology, but he later announced that they put those plans on the backburner and instead will use more traditional li-ion batteries.
Now the company is announcing a “breakthrough” in solid-state batteries to power their next-generation electric cars and they are filing for patents to protect their IP. Get ready for some crazy claims here

This Week's Key Takeaway

According to Forbes, the International Energy Agency made headlines Monday when it declared in its World Energy Outlook 2017 that the U.S. could be a net exporter of oil within a decade. The IEA also projected that
the U.S. is set to become the world’s dominant oil and gas production leader for decades. A dozen years ago, the notion that the U.S. could achieve energy independence would have drawn scoffs from most analysts. After all, U.S. oil production had been in decline since reaching a peak of 9.6 million barrels per day in 1970. By
2005, U.S. oil production had fallen to 5.2 million barrels per day. However, as we know, hydraulic fracturing
has altered the US energy landscape dramatically. The bigger question is: Will the world still be as dependent
in 10 years on fossil fuels as it is today?

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