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Bullish messaging from the IEA and the unexpected launch of U.S. SPR repurchases have bolstered oil prices today, limiting the downside ahead of the next OPEC+ meeting. Investor Alert: Whether you are new to the oil and gas industry or an energy market veteran, Global Energy Alert is an absolute must-read. Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis, all for less than a cup of coffee per week. Chart of the Week – The anticipated plunge in natural gas drilling is starting to take shape as Baker Hughes reported the biggest week-on-week decline in natural gas rigs since February 2016, falling by a whopping 16 rigs to 141. – The prospect of production cuts further down the line buoyed front-month Henry Hub futures, adding more than 5% on the week to $2.4 per mmBtu, simultaneously boosting gas-focused equities such as EQT (NYSE:EQT) or Antero Resources (NYSE:AR) . – Despite weaker drilling data, US natural gas production has been maintaining record production levels from April and trending at 101.4 billion cubic feet per day in the Lower 48 states. – Investor positioning in Henry Hub futures remains nevertheless bearish, with hedge funds’ net short expanding to […]
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