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Comparative Inventory & Oil Storage Report: March 1, 2023 (2023-9)
The range of WTI over-pricing moved down from $16.50-$20.50 last week to $12.50-$17.50 this week.
Comparative Inventory & Gas Storage Report: February 23, 2023 (2023-8)
The collapse in gas prices still appears to have found a temporary bottom at about $2.40 as prices have moved back to the 20-day average for the first time since December 2022.
Comparative Inventory & Oil Storage Report: February 23, 2023 (2023-8)
Everything about fundamentals indicates that WTI is $16.00-$20.00 over-priced.
Fact-Checking the DUC Meme: Mostly False
If financial success were as simple as the memes that often guide investors, everyone would be rich.
Comparative Inventory & Gas Storage Report: February 16, 2023 (2023-7)
I expect another week of warmer-than-normal weather and weak natural gas storage withdrawals.
Comparative Inventory & Oil Storage Report: February 15, 2023 (2023-76)
Comparative inventory increased the most since early April 2020 and is now more than the 5-year average.
Comparative Inventory & Gas Storage Report: February 9, 2023 (2023-6)
The market has re-priced natural gas to a yield curve with about a $1.00 lower mid-cycle price than has described price-volume relationships since the Ukraine invasion.
Comparative Inventory & Oil Storage Report: February 9, 2023 (2023-6)
There is an aggressive ~$11.00 premium included in WTI pricing despite generally bearish fundamentals.
Art Berman Newsletter: February 2023 (2023-2)
It is tempting to assume that inadequate investment will lead to much higher oil prices. But what if demand follows supply lower as it did during the last five oil-price shocks from 1974 to 2020?
Comparative Inventory & Gas Storage Report: February 2, 2023 (2023-5)
Markets continue to discount gas as the price fell below $2.50 for the first time since early April 2021. Forecasts suggest normal to warmer-than-normal temperatures through the middle of February.
Comparative Inventory & Oil Storage Report: February 1, 2023 (2023-5)
There are no bullish fundamentals for oil. WTI is in contango. Inventories are approaching the 5-yr avg. Futures are below the 100- & the 50-day avgs. C.I. indicates WTI is at least $7.50 over-priced.
Comparative Inventory & Gas Storage Report: January 26, 2023 (2023-4)
Forecasts suggest a cooler early February so I expect prices to increase somewhat. I suspect that price will remain discounted by at least 10% below the implied clearing price of $3.80.
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