BH's latest data suggest the market may see meaningful differences between actualized OPEC8+ production and the 1.1+ MMb/d of announced supply growth due to hit the market in the next two months.
Today in oil and natural gas markets:
Today’s EIA data showed PADD 2 net inputs gained ~76 kb/d W/W to 4.21 MMb/d last week, marking the eighth week out of the past nine with top-decile throughput relative to the past ten years (seasonally-adjusted).
The ISM U.S. Manufacturing PMI registered 48.0 in July, down 1 point from June and the fifth consecutive month of contraction.
A closer look at fund managers' energy market futures and options positioning
Solar generation growth remained a powerful source of demand destruction for the South Central gas market this month, as ERCOT’s average mid-day solar generation jumped more than 47% above average rates from July 2024.
Global floating crude stocks gained sharply last week, picking up 15.95 MMb W/W to 82.27 MMb
