Oil is trading lower by nearly $1.50 to $82, reversing some of the gains made over the past week
Market participants may be shifting their focus to the Federal Reserve meeting later today and the US crude inventory report
The Federal Reserve is expected to keep rates unchanged for a fifth consecutive meeting
The API estimates US crude inventories fell by 1.5 MMBbls last week
Sudan declares force majeure due to pipeline rupture (BBG)
150 MBbl/d of crude exports from South Sudan could be at risk after an oil pipeline ruptured in a “military operations area”
Sudan’s oil infrastructure has been under threat since the start of the civil war last year
The country of South Sudan ships crude to Sudan for export, but so far this month, only 1.2 MMBbls of oil have been loaded compared to 2.2 MMBbls in February and nearly 6 MMBbls in January
Natural gas prices are lower by 5c to $1.70, reversing yesterday’s gains
Temperatures are expected to remain slightly below the ten-year normal over the next two weeks
Pipeline nominations show production is lower again today, with Lower 48 gas output at 100.85 Bcf/d, according to S&P
US coal train loadings fall to seven-week low (S&P)
Coal loadings have fallen recently across all US coal-producing regions to the lowest level in several months
A fall in gas prices has led to higher gas power plant utilization compared to coal, as the gas plants are now more economical
Natural gas has held a very high share of the power mix recently, which, if it continues, then gas storage inventories could tighten this summer
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