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Refined Products

Recap: WTI fell to its lowest level in five weeks, weighed down by the first rise in U.S. oil inventories in nine-weeks and rising OPEC output. The 2.4 million barrel decrease pushed August WTI 4.7 percent lower, to a low of $56.68, prior to its settlement of $56.96, down $2.51. Brent slipped 2.6 percent for a low of $61.89 prior to its settlement at $62.01, down $1.58. Today's pressure pushed the WTI/Brent spread below -$5 for the first time in 3-weeks. Brent's premium to WTI widened by more than a $1.00 to settle the session at -$5.05.    

Products were dragged lower by the crude oil, with the August Rbob losing 4.26 cents to settle at $2.0068 and August heating oil closing at $1.8393, down $5.06. Pressure in the WTI has helped to widen the margin on crack spreads. The August Rbob crack has gained almost $4.00 since last week, settling at $27.32. Heat cracks are higher has well with the August gaining just under $2.00 on the week, settling at $20.29.

Fundamental News: Deputy Foreign Minister Abbas Araqchi said Iran and the six world powers still have issues to resolve as they work towards a final nuclear agreement but added that the atmosphere among all sides during the talks is positive. US Secretary of State John Kerry and Iran's Foreign Minister Mohammed Javad Zarif held one on one talks on Wednesday. Zarif said the talks were making progress and would continue to do so. Separately, the IAEA's monthly report confirm that Iran met the requirements for reducing its low enriched uranium stockpile by June 30th as required under its interim nuclear agreement.

The EIA reported that US crude exports increased to 17.59 million barrels in April, up from 12.94 million barrels in March. However some of those exports were likely re-exported Canadian crude. The US exported 523,000 barrels to Spain in April and 972,000 barrels to South Korea. The EIA also reported that US petroleum liquids exports increased by 20.58 million barrels to 148.3 million barrels in April, largely driven by record high exports of liquid petroleum gases and an increase in distillate exports. US LPG exports increased 4.07 million barrels to 23.16 million barrels. The LPG exports have been driven primarily by propane/propylene.

A 70,000 bpd fluid catalytic cracking unit at Irving's 300,000 bpd St. John refinery resumed operations.

PDVSA confirmed the catalytic cracking unit at its 645,000 bpd Amuay refinery is in maintenance to restore reliable conditions for its regenerator and other minor equipment.

Iraq's Oil Ministry reported that the country's oil exports in June increased to a record 3.187 million bpd from 3.145 million bpd in May. Exports from Iraq's southern terminals increased to an average 3.02 million bpd in June from 2.69 million bpd in May.

Greek Prime Minister Alexis Tsipras urged Greeks to reject an international bailout deal, less than 24 hours after he wrote to international creditors stating that Greece could accept a bailout offer if several conditions were changed. Greece asked for a 29 billion euro loan to cover all its debt service payments due in the next two years.

Early Market Call - as of 9:00 AM EDT

WTI - Aug $57.34, up 38 cents

RBOB - Aug $2.0403, up 3.35 cents

ULSD - Aug $1.8645, up 2.52 cents

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Natural Gas

Wednesday, July 1st, saw the front-month NYMEX Natural Gas Futures Contracts open at $2.837, slightly above Tuesday’s closing price of $2.832.  Experiencing uncertainty early on, August jumped to the intraday high of $2.846 within the day’s opening minutes, but soon faltered.  Plunging to the $2.78 level by 10:00AM, prices moved sideways until a round of buying sent prices as-high-as $2.816 at 11:20AM.  Slowly retreating from this high, August found the intraday low of $2.761 at 1:00PM, and then proceeded rise slightly through the balance of the day.  With yesterday’s forecast for warmer weather now being dismissed, August closed lower on Wednesday at $2.783.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 70 BCF injection to storage for the week ended June 26th.  This compares to a 102 BCF injection at this time last year and a five-year average injection amount of 76 BCF.

This morning in Globex, WTI Crude was up 25 cents; Natural Gas was up four cents; Heating Oil was up two cents; and Gasoline was up three cents.

New York and New England cash prices were lower across the board.


Natural Gas Glossary

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