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Refined Products

Recap: August WTI fell to its lowest level since June 5th as the Greek economic crisis reaches a critical point. The spot futures contract fell as much as 2.6 percent, hitting a low of $58.04 before cutting losses for a settlement at $58.33, down $1.30 Brent for August delivery fell just over 3 percent to a low of $61.35 before paring losses to settle at $62.01, down $1.25. Products also continued their downslide with August RBOB losing 1.71 cents to settle at $2.0303 and August heating oil settling at $1.8366, down 2.62 cents.

August WTI is closing in on a test of its 100-day moving average of $57.57. Focus will be on this week's U.S. inventory numbers due out by the API on Tuesday and the EIA on Wednesday. Talks on Iran's sanction situation looms in the background.

Fundamental News: Genscape reported that crude stocks in Cushing, Oklahoma fell by 290,000 barrels since Tuesday. Stocks however increased by 422,000 barrels on the week.

US exports of ultra light crude or condensate have doubled since the start of the year, with most shipments headed to Europe. The US exported between 120,000 and 140,000 bpd of condensate last month, up from about 60,000 bpd at the start of the year.

Goldman Sachs said the US oil rig count fell last week with 3 rigs idled. It reported a decline of 7 horizontal oil rigs and increase of 5 vertical rigs. Goldman Sachs said the current US horizontal and vertical rig count across the Permian, Eagle Ford, Bakken and Niobrara shale plays implies that US oil production growth will reach 130,000 bpd year on year by the fourth quarter. It said production would increase in 2016 by 140,000 bpd at the current rig count.  

Western officials said Iran is backtracking from an interim nuclear agreement. US and Iranian officials said talks on a final agreement would likely run past a June 30th deadline.

Greece rejected an offer for a five month bailout extension and instead called for a referendum on July 5th. The European Central Bank rejected Greece's request for 6 billion euros of additional emergency funding on Sunday but is expected to keep the funding line used by Greek banks open until the July 5th referendum. Greece's Prime Minister Alexis Tsipras called a referendum on the austerity cuts in the aid package proposed by the creditors as talks remained deadlocked.

Libya's National Oil Corp said negotiations to reopen pipelines for the El Feel and El Sharara oilfields and the port of Zuetina are ongoing and the level of the country's production remains stable. They have been blocked for weeks by protests and disputes.  

Early Market Call - as of 9:00 AM EDT

WTI - Aug $58.65, up 32 cents

RBOB - July $2.0514, up 2.11 cents

ULSD - July $1.8571, up 1.96 cents

Please note that later today, June 30th, the start of trading for the trade date July 1st on the CME Globex platform will be delayed until 8:45 PM EDT, instead of its normal 6 PM EDT start time. The Delayed start for trading is due to the global adjustment of the Network Time Protocol, which is used by computer networks to the Coordinated Universal Time (UTC), which is tied to the atomic clock. Since 1972 this time adjustment of a second has been done 25 times, with the last adjustment occurring in 2012 on a weekend. The adjustment tomorrow will be the first time one has been done since the markets went predominately electronic.  

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Natural Gas

On Monday, June 29th, the August NYMEX Natural Gas Futures Contracts began trading as the prompt month.  Upon entering the market at $2.806, roughly three cents above July’s settlement price of $2.773, August began a stable climb up to the $2.825 level by 9:50AM.  With wavering support, the contract then soon declined, before plunging to the intraday low of $2.765 at 11:00AM.  Drawing closer to noon, August quickly recouped the morning’s losses to reach the intraday high of $2.844 at 12:40PM.  Retreating from this high, prices found support above the $2.80 mark near 1:30PM, as the contract traded sideways for the next sixty minutes to close at $2.805 on Monday.

This morning in Globex, WTI Crude up 26 cents; Natural Gas was down three cents; and both Heating Oil and Gasoline were up two cents.

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


Natural Gas Glossary

For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to or call 1-855-466-2842.