Morning Highlights
Morning Highlights

10-13-21 Energies are off their lows in mixed trade...

Tony Headrick

Oct 13, 2021

Outlook: Energies are mixed but have lifted well above their lows as fundamentals remain supportive. In its monthly report, the IEA said the world is not investing enough in energy in order to avoid sharp increases in petroleum prices. In its monthly report, OPEC signaled caution on its demand outlook, revising its global demand growth to 5.8 million bpd this year from a 5.96 million bpd increase anticipated last month. They see oil inventories in industrialized economies fell 19.5 million barrels in August to 183 million barrels below the 5-year average. Russia’s Putin said its “quite possible” crude oil prices can reach $100, adding OPEC+ does not seek to restrain production in a way that oil skyrockets such as we are seeing in natural gas in Europe and Asia. He said his country is ready to provide Europe as much gas as it needs. In a preview of its winter fuels outlook due this afternoon, the EIA said consumers using primarily heating oil will pay 43% more this winter than last and those using natural gas will see a 30% increase. The Consumer Price Index rose 5.4% in September y/y, above consensus estimates for a 5.3% increase. FOMC meeting minutes are released early this afternoon and the API will submit their estimates this afternoon before the holiday-delayed weekly EIA stats tomorrow morning.

TSA Total Traveler Throughput in the US faded lower into September but have recently been erring higher with last check near 1.7 million passengers/day.