Other than oil and RBOB, pretty red week in the energy land. AECO strip is now below $2
I will be extremely happy if we consolidate around this area for the remainder of 2023. $WTI Crude Oil - main 2305(CLmain)$ $E-mini Crude Oil - main 2305(QMmain)$ $Micro WTI Crude Oil - main 2305(MCLmain)$
And with that, natty withdrawal season is officially over. With 23Bcf withdrawal, Nat gas in storage is 19.5% above 5yr average and 32% above last year. This has been one of the worst withdrawal seasons in recent history.
On Mar 30, another disappointing withdrawal for natty. With 47Bcf withdrawal, Nat gas in storage is 21% above 5yr average and 31.3% above last year. Southcentral is ~41.5% above 5yr average. Y/Y production up ~7% -$1 handle here we come.
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