9/30: Exports Soar As Refinery Outages Spread

U.S. crude oil exports soared by more than 1 MMb/d last week to 4.65 MMb/d, the second-highest volume ever. That helped take the sting out of a 600 Mb/d drop in refinery demand that happened due to planned and unplanned outages at refineries in Toledo, OH, Whiting, IN, San Francisco, CA, Lake Charles, LA, and Trainer, PA. Imports dropped to 500 Mb/d to 6.5 MMb/d, which cut net imports in half to only 1.8 MMb/d.  For more on this read RBN's Crude Gusher.

9/30: Appalachian Gas Cash/Forward Basis Collapse

Appalachian natural gas cash and October forward basis collapsed last week as demand dwindled and operational issues curtailed outbound pipeline capacity. Eastern Gas South (EGS) cash averaged $4.84, down $2.26 (32%) week-on-week, compared with a $1 drop in Henry Hub cash. As a result, EGS basis weakened by $1.26 to $2.36 below Henry Hub. After last week’s collapse, the monthly average widened to minus $1.42, down from about minus $1.07 prior to last week and converged with our forecast of minus $1.50 for September cash trading.

9/30: OPEC+ considering oil output cut decision at next week’s meeting

OPEC+ considering oil output cut decision at next week’s meeting (Bloomberg)

OPEC+ has begun discussions about lowering oil output when it meets next week, as a fragile global economy continues to weigh on crude prices.

The size of any supply reduction is still under consideration, said delegates, asking not to be identified as the talks are private. The Organization of Petroleum Exporting Countries and its allies will meet to decide November output levels on Oct. 5.

9/30: Nord Stream rupture may mark biggest single methane release ever recorded - UN

Nord Stream rupture may mark biggest single methane release ever recorded - UN (Reuters)

The ruptures on the Nord Stream natural gas pipeline system under the Baltic Sea has led to what is likely the biggest single release of climate-damaging methane ever recorded, the United Nations Environment Programme said on Friday.