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US natural gas prices strengthened after lower-than-expected storage builds and the full return of Freeport LNG. Crude oil markets were supported by US stock draws and expectations of Fed rate cuts.
ING also noted weaker Chinese refinery activity in April and said OPEC+ output policy would matter ahead of its June meeting.
Tighter US gas balances and firm crude support raise energy costs for processors and transport. Lower-than-expected storage builds point to firmer summer gas prices.
think.ing.comWarren Patterson, Ewa MantheyMay 17, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
