In today’s briefing:
- [ETP 2024/52] WTI Recovers on China’s Stimulus Plans, Henry Hub Falls on Volatile Weather Forecasts
- Supply Shortage Boost Likely Short Lived; Caution Prevails Around 2025 Outlook
[ETP 2024/52] WTI Recovers on China’s Stimulus Plans, Henry Hub Falls on Volatile Weather Forecasts
- For the week ending 20/Dec, U.S. crude inventories fell by 4.2m barrels, beating expectations of a 0.7m barrel decrease. Distillate stocks fell more than expected, while gasoline inventories unexpectedly rose.
- U.S. natural gas inventories fell by 93 Bcf for the week ending 20/Dec, missing analyst expectations of a 98 Bcf drawdown. Inventories are 4.9% above the 5-year seasonal average.
- Chevron signed a 20-year deal with Energy Transfer for 2 million tonnes of LNG annually. Stifel lowered Schlumberger’s 12-month price target while maintaining a Buy rating.
Supply Shortage Boost Likely Short Lived; Caution Prevails Around 2025 Outlook
- Possibility of short peak can result in short-lived shortage
- Declining Chinese TSR inventory can lend demand support
- Uncertainty around policies weighs upon the market confidence