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Refined Products


Oil rose after the U.S. Labor Department released its report indicating 223,000 jobs were added and the rate of unemployment fell to 5.3 percent from 5.5 percent. A slip in the dollar also provided strength. August WTI finished the session basically unchanged at $56.93, down 3 cents, while August Brent added 6 cents for a settlement at $62.07.  

Gasoline outpaced the rest of the complex with August futures closing up 2.75 cents at $2.0343. Heating oil for August delivery settled at $1.8399, up 6 ticks.

WTI remains within its sideways trading range, although at the lower end of it. Volume was in the upper end of the average range ahead of the long weekend.

Fundamental News:

According to PIRA Energy, US oil production in June fell to 9.3 million bpd. It said most of the difference is in Texas.

Barclays reported that OPEC oil production increased to a three year high of 31.6 million bpd in June, up from 31.3 million bpd in May.

Baker Hughes reported that the US oil rig count increased by 12 to 640 in the latest week.

Platts reported that Venezuela's PDVSA has shut a 21,000 bpd alkylation unit and a 108,000 bpd catalytic cracking unit at its Amuay refinery due to operational problems. A plant operator said the operational problems are linked to the contamination of catalysts. Amuay was operating at 66% of capacity or 430,000 bpd on June 19th.  

The US Labor Department reported that nonfarm payrolls increased by a seasonally adjusted 223,000 in June. Employers added 254,000 jobs in May, down from an initially reported 280,000. April's gain was revised to 187,000 from a previously reported 221,000. With 432,000 people dropping out of the labor force, the unemployment rate fell to 5.3% in June compared with 5.5% in May. The rate is the lowest since April 2008.

The Commerce Department reported that new orders for US factory goods fell more than expected in May. It reported that new orders for manufactured goods fell by 1% following a revised 0.7% decline in April.

Greek banks will reopen as soon as the country reaches an agreement with international creditors, Nikos Pappas, a state minister and top aide to Prime Minister Alexis Tsipras said.

Early Market Call - as of 9:00 AM EDT

WTI - Aug $54.55, down $2.38

RBOB - Aug $1.9728, down 6.15 cents

ULSD - Aug $1.7730, down 6.69 cents

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Natural Gas

Thursday, July 2nd, saw the front-month NYMEX Natural Gas Futures Contracts open at $2.818, more than three cents above Wednesday’s closing price of $2.783.  Gradually climbing to $2.838 in the day’s opening minutes, prices traded along the $2.830 mark ahead of the weekly storage publication.  As soon as the slightly bullish report hit the wire prices fluctuated between $2.810 and $2.840, and soon thereafter found direction, as prices rose as high at $2.875 at 10:40AM.  Recovering from a quick drop to $2.840 twenty minutes later, August climbed higher to trade along the $2.865 into the early afternoon. Peaking at the intraday high of $2.885 at 12:30PM prices cascaded lower for the balance of the day, as August closed marginally higher on Thursday at $2.822

The EIA Natural Gas Storage Report published on Thursday showed a 69 BCF injection to storage for the week ended June 26th – just below the market estimate of 70 BCF.  Total working gas in storage was reported as 2,577 BCF; 34.6% above this time last year and 1.1% above the five-year average.

This morning in Globex, WTI Crude was down $2.40; Natural Gas was down seven cents; Heating Oil was down seven cents; and Gasoline was down six cents.

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


Natural Gas Glossary

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