(Petrolytics) - Before we get to the assorted articles for the morning, a few highlights:
- US crude inventories: 539.2 mmbo (+5.7 from June 26)
- US crude imports: 7.4 mmbopd (+1.4 from June 26)
- US refinery input: 14.3 mmbopd @ 77.5% operable capacity (+315 kbopd from June 26)
- US rig count: 258 (-5 from July 3)
- Canada rig count: 26 (+8 from July 3)
- Int'l rig count: 781 (-24 from July 3)
- IEA oil demand forecast: 92.1 mmbopd (+400 kbopd from June forecast)
- WTI: opened lower at $40.35/bbl (-$0.20)
- Nat gas: opened flat at $1.79 (-$0.02)
- OPEC+ expected to ease an add'l 2 mmbopd of cuts (taper from 9.6 to 7.7 mmbopd)
All eyes on the OPEC+ meeting on July 14-15. Consensus is an easing of production cuts.
A few articles to get your day started:
- US consumed and produced a record volume of natural gas in 2019
- OPEC meeting expectations - hoping to avoid a taper tantrum
- World drinking less coffee - definitely not the case here
Tough times for frac sand suppliers. Hi-Crush filed for Ch11 recently. This follows a number of similar bankruptcies last month. All the while, US Energy Secretary Dan Brouillette's reassures the oil and gas industry of a "very, very strong" comeback.
The industry has definitely seen better days, however, we're cautiously optimistic.