Updates from Northland Energy Trading

  • Energy Report 11/11/2020
    ULSD futures gapped higher but fell 0.5% intraday in an upside session (higher high, higher low). Slow stochastics are still overbought and the RSI is neutral, while candlesticks... Read more

  • Market News 11/11/2020
    Petroleum futures were strengthening further in the overnight session on Wednesday amid bullish US crude oil inventory data from the American Petroleum Institute (API) and gains in European shares and in US stock market index futures, despite a bearish revision to the 2021 global oil demand forecast by OPEC... Read more

  • Energy Report 11/10/2020
    Petroleum futures continued higher today amid gains in European equities, despite mixed but mostly lower trade in US shares and a bearish revision to the 2020 global oil demand forecast in the EIA's Short-Term Energy Outlook. The EIA released its November STEO today, in which it estimates that global consumption of petroleum and liquid fuels will average 92.9mb/d for 2020, down by 8.6mb/d from 2019, before increasing by 5.9mb/d in 2021. The EIA sees US oil production falling by 860kb/d to 11.39mb/d this year, a bigger decline than... Read more

  • Market News 11/10/2020
    Petroleum futures were extending their gains in the overnight session on Tuesday amid strength in European equities, despite mixed trade in US stock market index futures and gains in the US dollar, as well as continued spikes in new COVID-19 infections. Market participants looked ahead to... Read more

  • Energy Report 11/9/2020
    Petroleum futures rallied today, led by WTI, amid news of a progress in COVID-19 vaccine trial, a possible extension of OPEC+ production cuts, and gains in US and European equities, despite strength in the US dollar. Reuters reported that a Pfizer’s experimental vaccine has been 90% effective in preventing COVID-19, based on initial data from a large study. In more supportive news, Saudi Arabia’s Energy .... Read more

  • Market News 11/9/2020
    Petroleum futures were seeing gains of over 7.5% in the overnight session on Monday amid news over progress in COVID-19 vaccine research, a possible extension of OPEC+ output cuts, a rally in European equities and mostly higher trade in US stock market index futures, despite an increasing Libyan oil output. Market participants had a quiet day... Read more

  • Energy Report 11/6/2020
    Petroleum futures weakened today as uncertainty over US presidential election results continues and with new lockdowns in Germany and France amid surges in new COVID-19 infections, despite further weakness in the US dollar. Today's headline was the US Employment Situation report for October, which was a beat. A 638,000 rise was reported in the nonfarm payrolls, above the 575,000 consensus, and September payrolls were revised up by 11,000. Also supportive, the unemployment rate (U-3) dropped from 7.9% to 6.9%, below the 7.7% expectation. The labor force participation rate saw an increase from 61.4% to 61.7%. Read more

  • Market News
    Petroleum futures were losing ground in the overnight session on Tuesday amid rising Russian crude oil production, despite another US producer bankruptcy, strength in European and US shares, and a continued slide in the value of the US dollar against a basket of currencies. Economic data so far had been mixed and focused on the manufacturing sector, and market participants looked ahead to US data in the form of weekly jobless claims, personal income and outlays, construction spending, and also manufacturing (both from Markit and ISM) figures for further direction.  Read more

  • DOE Figures & Info
    The Weekly Petroleum Status Report for the week ended September 18 was neutral to unsupportive for crude oil, but bullish for distillates and gasoline. The agency reported a slightly smaller than expected draw from crude oil inventories, but a sizeable surprise draw from distillate stocks and a sharper than expected drop in gasoline inventories. Crack spread were widening, consistent with these data, as WTI futures were up by one percent, while RBOB and ULSD (HO) futures were seeing gains of two percent as of this writing.  Read more

  • Propane News & Numbers
     Propane prices saw flat-to-higher trade featuring a narrowing of the north-south spread on Thursday, reflecting a narrowing of the Brent-WTI spread. Brent crude futures edged up 0.4%, while WTI futures climbed 1.0% higher amid strength in US equities following encouraging US economic data releases. Mt. Belvieu TET propane prices held steady at 49.63c/g, while Conway spot prices climbed 1.1% (50 points) higher to 45.75c/g, cutting their discount to Mt. Belvieu back to under four cents. Read more