Data from the American Petroleum Institute revealed Tuesday that US crude oil inventories increased by 4.2 million barrels in the week ended Aug. 21, following a 328,000-bbl draw the previous week, and compared with analysts' estimate of a 1.9-mmbbl increase, according to a Bloomberg-compiled survey.
The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.
(Updates with Cheniere's comments in the 4th paragraph.)Cheniere Energy's (LNG) Corpus Christi LNG export plant in Texas continued to see reduced natural gas demand on Monday as planned maintenance work continued, Reuters reported, citing preliminary data from LSEG.The facility was reportedly on track to consume about 1.8 billion cubic feet per day of natural gas, below its typical intake of around 2.6 Bcf/d.Feedgas deliveries to US LNG export plants totaled about 16.7 Bcf/d on Monday, below national capacity of nearly 18 Bcf/d, Reuters said.In an emailed response to, a Cheniere spokesperson confirmed that Corpus Christi Liquefaction has been undergoing planned maintenance activities but declined to comment on timing and the units involved.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
A Ukrainian drone strike on Friday forced Lukoil's Perm refinery to suspend operations after the attack ignited a fire and damaged processing equipment, Reuters reported Monday, citing two industry sources.The CDU-4 unit can process 14,000 metric tons of oil daily and accounts for almost 40% of capacity, while preliminary estimates put repairs at one to two weeks, sources said.Ukrainian President Volodymyr Zelenskyy said Friday that Ukraine's forces carried out a strike on the Perm refinery, the report said.Another refining unit, CDU-5, representing 34% of capacity, has remained offline since a July 29 drone strike, according to the report. Lukoil did not immediately reply to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
US natural gas futures prices softened in after-hours trading Monday as ample supply and mixed weather forecasts outweighed hotter conditions expected in parts of the Midwest and Northeast.The front-month Henry Hub contract fell 0.69% to $2.754 per million British thermal units, while the continuous contract declined 0.14% to $2.807/MMBtu.Natural gas prices weakened during Monday's session despite warmer forecasts for the Northeast and Midwest, as cooler revisions elsewhere across the Lower 48 limited the impact of the bullish weather outlook.Aegis Hedging said weekend weather-model changes were mixed, with forecasts turning warmer across the Northeast and Midwest but cooler across much of the rest of the Lower 48. The most significant shift was in the Midwest, where temperatures increased by more than 20 degrees Fahrenheit across the forecast period.Overall, near-term cooling demand is expected to ease, with cooling degree days around 12 this week, according to Criterion. Demand is forecast to strengthen next week, when CDDs are expected to climb above 13, Aegis said.Supply provided additional pressure on prices. Lower 48 production fell to 111.4 Bcf/d on Monday, according to Gelber & Associates, lending some underlying support to the market, though the decline could prove temporary.LNG feedgas demand stood at 17.8 Bcf/d, with flows constrained by the slow ramp-up at Golden Pass and ongoing maintenance at Freeport LNG and Cheniere Energy's Corpus Christi facility.