#Brent is down $1.79 to $74.12/bbl
#NatGas is up 5.1c to $2.205/MMBtu
#Oil prices are heading for a #weeklygain, but they fell earlier today due to concerns about the banking sector and the Fed's interest rate hike.
The U.S. is unlikely to refill the Strategic Petroleum Reserve (#SPR) in 2023 despite low prices, as it would be difficult to do so at the administration's stated price range of $70/Bbl. Maintenance at two SPR sites and an ongoing crude sale mandated by Congress also pose challenges.
#NatGas prices are trading higher today but are headed for a third consecutive #weeklyloss. Cooler weather forecasts and rising gas #flows to #Freeport #LNG and declining flows to Calcasieu pass are some of the factors #affecting natural gas prices.
#Demand for #NatGas in #Europe is recovering as prices fall, mainly in the refining and petrochemical sectors. This could potentially #draw down gas #storage and require #larger #imports of #LNG.
#California's #hydro generation outlook is much better than in 2022, as #recordrain and snowfall have boosted reservoir and snowpack levels. This should lead to significantly #increased #power generation from the #hydroelectric sector and #reduced #natgas usage this summer in California's power sector.
