Energy Prices Mixed
Energy Futures Outlook
Crude oil is holding up fairly well this morning despite the negative shift in global risk sentiment, but with pressure coming from both the supply and demand sides of the market, it could still finish this week on a downbeat note. China’s July throughput came in at 14.03 million barrels per day (bpd), up 12% from a year ago and a record monthly high.
Natural gas prices stayed inside a tight range overnight, and while they remained clear of Wednesday’s low, they could be weighed down by above-average storage levels. The EIA weekly storage report on Thursday showed a net injection that was roughly in-line with trade forecasts, but it was above last year’s level and the 5-year average.
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