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Manu Milan

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Disclosure: I am in full compliance with all ethics and other policies for Market Realist research analysts. I am not invested in securities that I cover on Market Realist.

More From Manu Milan

  • uploads///ANS versus Bakken Rail Delivered Price to Anacortes WA
    Macroeconomic Analysis

    Tesoro’s Big Bet on Building Crude-by-Rail Infrastructure

    An important part of Tesoro’s business, crude-by-rail allows refiners to cover maximum accessibility and to gain from price differentials.

    By Manu Milan
  • uploads///Propane Stocks
    Macroeconomic Analysis

    Why Was Greater Propane Demand Unable to Push Prices?

    US residential propane demand is 1.5 MMbpd for the week ended December 4. This was 0.24 MMbpd more than the demand in the week ended November 27.

    By Manu Milan
  • uploads///US Regular Gasoline Prices
    Macroeconomic Analysis

    Refinery Maintenance Could Raise Gasoline Prices

    The EIA’s (U.S Energy Information Administration) most recent weekly gasoline and diesel fuel price report showed that US regular gasoline retail prices averaged $2.02 per gallon yesterday.

    By Manu Milan
  • uploads///Iranian Crude Oil Production
    Macroeconomic Analysis

    Iran Set to Increase Crude Oil Production and Flood World Markets

    Now that export sanctions have lifted, the global crude oil markets are ready to be flooded with Iranian crude oil of around 1 MMbpd in the first quarter of 2016.

    By Manu Milan
  • uploads///Cost to drill a shale gas well in the Sichuan Basin
    Macroeconomic Analysis

    Joint Ventures in US Shale Plays Are Helping Chinese Companies Bring Down Well Drilling Costs

    To get expertise in shale gas exploration, China has invested more than 20% of the total investments in US shale gas exploration.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Why Did RBOB Gasoline Outperform Heating Oil?

    The EIA reported RBOB gasoline futures contract 1 prices at $1.30 per gallon on November 23, representing a fall of ~1.8% from $1.32 per gallon on October 16.

    By Manu Milan
  • uploads///WTI Brent Spread
    Macroeconomic Analysis

    WTI-Brent Spread Diverges: Adverse for US Oil Producers

    A wider WTI-Brent spread has a negative impact on certain US producers. But Phillips 66 (PSX) benefits from a wider WTI-Brent spread due to benchmarking with Brent price.

    By Manu Milan
  • uploads///Fund Domicile Breakdown
    Energy & Utilities

    CRAK Provides Broad Exposure to Developed and Emerging Markets

    CRAK provides investors with broader global exposure, diversifying its portfolio with developed markets as well as emerging markets like Japan and India.

    By Manu Milan
  • uploads///Refining Marketing Returns
    Energy & Utilities

    CRAK Offers Exposure to Crude Oil Refining Companies

    Van Eck Global launched the VanEck Vectors Oil Refiners ETF (CRAK) on August 18, 2015. CRAK is a good option for investors who want exposure to the energy sector but don’t expect energy prices to rise anytime soon.

    By Manu Milan
  • uploads///WTI forecasts
    Macroeconomic Analysis

    Slippery Crude Oil Price Forecasts Could Beat the Bullish Trend

    The EIA forecasts that WTI crude oil prices will average $38 per barrel in 2016 and $47 per barrel in 2017. Brent crude oil prices are forecasted higher.

    By Manu Milan
  • uploads///WTI Brent Crude Oil Price Movements
    Macroeconomic Analysis

    Crude Oil Prices Set for Weekly Gains Due to Supply Cut Talks

    Crude oil prices rose more than 9% to close at $33.22 per barrel on January 28, 2016. Crude oil prices fell by more than 5% on January 25.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Lower Gasoline Demand Sent Prices Down

    According to the EIA’s Weekly Petroleum Status report, US gasoline demand was 8.9 MMbpd (million barrels per day) for the week ended January 22.

    By Manu Milan
  • uploads///WTI Brent Spread
    Macroeconomic Analysis

    WTI Crude Oil Traded at a Discount over Brent Crude Oil

    The wider WTI–Brent spread means lower prices for WTI crude oil compared to Brent crude oil. This yields lower revenues for US crude oil producers like Apache.

    By Manu Milan
  • uploads///WTI Brent Crude Oil Price Movements
    Macroeconomic Analysis

    WTI Crude Oil Prices Rose after EIA Report

    Crude oil prices have gained ~6.4% within the last two days, ignoring the gasoline and crude oil inventory builds.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Refinery Inputs Fell ahead of Summer Refinery Maintenance

    The EIA reported that US crude oil refinery inputs averaged 15.6 MMbpd (million barrels per day) during the week ended January 22, 2016.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Crude Oil Production Levels Didn’t Contribute to Inventory Builds

    US weekly crude oil production slightly fell by 0.01 MMbpd to settle at 9.2 MMbpd for the week ended January 22, 2016.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Analyzing the Impact of Surging Crude Oil Inventories

    The U.S. Energy Information Administration reported that US crude oil inventories rose by 8.4 million barrels to settle at 494.9 million barrels for the week ended January 22, 2016.

    By Manu Milan
  • uploads///WTI Brent Crude Oil Price Movements
    Macroeconomic Analysis

    Why Have Crude Oil Prices Ignored Massive Inventory Builds?

    WTI (West Texas Intermediate) crude oil prices ended the previous week with ~9% gains on a weekly basis to close at $32.2 per barrel on January 22, 2016.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Warm Winter Added Pressure on Heating Oil Prices

    Heating oil prices were at $2.17 per gallon on January 18, which represents a fall of $0.05 per gallon compared to prices for the previous week.

    By Manu Milan
  • uploads///US crude oil production
    Macroeconomic Analysis

    US Crude Oil Production Levels Pushed Inventory Levels

    The rise in crude oil production levels is good for crude oil producers. But the current levels resulted in massive inventory builds due to lower demand.

    By Manu Milan
  • uploads///Gasoline Prices By Region
    Macroeconomic Analysis

    Why Are Gasoline Prices So High in the West Coast Region?

    Gasoline prices in the West Coast region were at $2.45 per gallon on January 25, 2016—around $0.60 per gallon higher than the average US gasoline prices.

    By Manu Milan
  • uploads///WTI Brent Crude Oil Price Movements
    Macroeconomic Analysis

    Short Covering Caused Crude Oil Prices to Rise on a Weekly Basis

    WTI crude oil prices closed at $32.19 per barrel for the week ending January 22, 2016. Prices rose by $2.77 or ~9.4% per barrel on January 22, 2016.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    NOOA Forecasts Mild Weather, but Will Propane Demand Slide Further?

    US residential propane demand was at 1.03 MMbpd for the week ending January 15. Propane demand was 0.39 MMbpd less than the prior week’s demand.

    By Manu Milan
  • uploads///WTI Brent Spread
    Macroeconomic Analysis

    China’s Crude Oil Demand Widened the WTI-Brent Spread

    WTI crude oil prices outpaced Brent crude oil prices in the week ending January 15, 2016. The WTI-Brent spread narrowed to $0.48 per barrel on January 15.

    By Manu Milan
  • uploads///WTI Brent Crude Oil Price Movements
    Macroeconomic Analysis

    WTI Crude Oil Prices Fell More than 23% in 2016

    WTI crude oil prices closed at $28.44 per barrel on January 19, 2016. They fell by 3.3%—compared prices of $29.42 per barrel for the week ending January 15.

    By Manu Milan
  • uploads///Global Oil Demand
    Macroeconomic Analysis

    IEA Trimmed Crude Oil Demand Estimates for 2016

    The crude oil demand growth fell to a one-year low in 4Q15. Economic weakness in some European and Asian countries decreased the gasoline demand.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    US Crude Oil Production Is Expected to Fall in 2016

    US crude oil production peaked at 9.6 MMbpd in April 2015. It fell to 9.2 MMbpd by December 2015. It’s expected to fall to just 8.1 MMbpd by the end of 2016.

    By Manu Milan
  • uploads///Heating fuel share
    Macroeconomic Analysis

    US Households Prefer Electricity and Natural Gas for Home Heating

    Natural gas is used as heating fuel in 48% of the homes across the country, electricity is used for heat in 38% of homes, and the rest of the fuels are used for heat in the remaining 14% of homes.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    A Surge in Propane Demand: Will the Trend Continue?

    The rise in propane demand pushed the price of propane up $0.01 per gallon. Since propane is used for heat in some US households, propane demand generally rises in mid-winter months.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Propane Inventories Decreased, Propane Production Rose

    In its weekly petroleum status report released on January 13, 2016, the EIA stated that US propane inventories decreased by 4.5 MMbbls to 91.9 MMbbls for the week ended January 8, 2016.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Strong Distillate Inventories Build, Forcing Prices to the Floor

    The EIA’s Weekly Petroleum Status Report released on January 13 reported that US distillate inventories rose by ~6.1 MMbbls for the week ended January 8.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Lower Gasoline Demand Pushed Inventories to Surge

    Gasoline demand was 8.5 MMbpd for the week ended January 8, 2016. Demand rose by ~0.34 MMbpd compared to the previous week ended January 1, 2016.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Why Have Refinery Inputs Dwindled?

    The EIA’s weekly report on January 13, 2016, stated that US crude oil refinery inputs averaged over 16.4 MMbpd during the week ended January 8, 2016.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Propane Demand and Cold Forecasts Pushed Propane Prices

    The EIA’s weekly propane and heating oil update reported that US residential propane demand is 1.3 MMbpd (million barrels per day) for the week ended January 1.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Propane Inventories and Production Moved in Opposite Directions

    As of the week ended December 11, propane inventories were at 98.9 MMbbls. These levels were 26.2% more than they were in the corresponding period last year.

    By Manu Milan
  • uploads///Growth in Road Transport Oil Demand
    Macroeconomic Analysis

    Crude Oil Demand Expected to Grow from Road Transportation

    OPEC has estimated that the road transportation sector will account for one-third of the global crude oil demand growth between 2014 and 2040.

    By Manu Milan
  • uploads///Global Crude Oil Demand Growth
    Macroeconomic Analysis

    Crude Oil Demand Growth Shrinks in the Long Term

    According to OPEC forecasts, on a yearly basis, global crude oil demand growth will gradually decline by 1 MMbpd on average from 2014–2035 to around 0.5 MMbpd each year from 2035–2040.

    By Manu Milan
  • uploads///WTI Brent Spread
    Macroeconomic Analysis

    Will WTI Crude Oil Trade at a Premium over Brent Crude Oil?

    Global oversupplies had a greater impact on Brent crude oil prices in comparison to WTI’s crude oil prices (USO), so the WTI–Brent spread narrowed.

    By Manu Milan
  • uploads///WTI Brent Crude Oil Price Movements
    Macroeconomic Analysis

    Why Did WTI Crude Prices Rise despite Falling Brent Crude Prices?

    WTI crude oil prices rallied by more than 4% though Brent crude oil prices fell 1.8% as Congress voted to remove the US ban on exporting crude oil.

    By Manu Milan
  • uploads///WTI vs USO vs XOP
    Macroeconomic Analysis

    Why Did USO Trade Better than XOP?

    XOP offers an equal-weighted approach to oil and gas exploration and production. The portfolio is diversified. Its holdings don’t exceed 3%.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Propane Prices Rose a Bit despite Strong Inventory Builds

    US residential propane prices averaged $1.98 per gallon for the week ended December 14, or $0.02 per gallon higher than the prices on December 7, 2015.

    By Manu Milan
  • uploads///US On Highway Diesel Fuel Price
    Macroeconomic Analysis

    Will Diesel Prices Recover in the Near Future?

    On Monday, December 14, 2015, the EIA’s weekly gasoline and diesel fuel price updates showed that diesel fuel prices averaged $2.33 per gallon on the day.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    The EIA Forecasts Lower Natural Gas Heating Bills

    Natural gas prices rallied after the release of the EIA’s weekly natural gas report on December 10, as it showed a greater-than-expected fall in inventories.

    By Manu Milan
  • uploads///US Regular Gasoline Prices
    Macroeconomic Analysis

    Rising Crude Oil Production Caused Gasoline Prices to Fall

    On December 7, the gasoline prices were 8.1% lower than the prices recorded on November 9. They were ~23.4% lower than the prices in the same period last year.

    By Manu Milan
  • uploads///WTI Brent Price Movements
    Macroeconomic Analysis

    Brent Crude Oil Prices Fell More than WTI Prices

    WTI (West Texas Intermediate) crude oil prices closed at $41.85 per barrel on December 1. They rose by $0.15 or ~0.35% per barrel on December 1.

    By Manu Milan
  • uploads///WTI USO Price Movements
    Macroeconomic Analysis

    What’s the Relation between MLP ETFs and USO?

    The United States Oil ETF (USO) fell by 0.99% in the week ending November 20—compared to the previous week ending November 13, 2015.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Why Propane Prices Gained despite Inventory Builds

    US residential propane prices were $1.93 per gallon for the week ended November 13, or $0.02 per gallon higher than prices for the week ended November 6.

    By Manu Milan
  • uploads///Gulf Coast    Crack Spread
    Macroeconomic Analysis

    Crack Spread Narrowed: Is There Less Demand for Crude Oil?

    The benchmark US Gulf Coast 3:2:1 crack spread fell ~12.50% last week. It hit ~$13.28 per barrel on Friday, November 13, 2015.

    By Manu Milan
  • uploads///WTI Brent Spread
    Macroeconomic Analysis

    Why Did the WTI-Brent Spread Converge?

    A narrowed WTI-Brent spread boosts production volumes. This leads to increased transport volumes. So, transport operations will benefit.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Will Falling Jet Fuel Inventories Boost Prices?

    Jet fuel inventories have a great impact on jet fuel prices. When jet fuel inventories fall, it’s bullish for prices. It’s bearish for prices when inventories increase.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Why Is Propane Demand Not Growing?

    Weather forecasts, which are calling for above ordinary temperatures over a large portion of the United States, will keep propane demand low.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Will Low Heating Oil and Diesel Prices Put Pressure on Refiners?

    Heating oil and diesel prices are low because distillate inventory levels are growing at a rapid pace, but demand is less than anticipated. This is bearish for refineries.

    By Manu Milan
  • uploads///World Liquid Fuels Production and Consumption
    Macroeconomic Analysis

    Will Global Crude Oil Demand Match Production levels?

    Even though the fourth quarter’s production levels are expected to fall, this doesn’t have much impact on crude oil prices due to massive stockpiles.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    What Led Natural Gas Prices to Fall?

    The EIA, in its November Short-Term Energy Outlook, reported that natural gas inventories for the week ending October 30 reached 3,929 billion cubic feet.

    By Manu Milan
  • uploads///Gulf Coast    Crack Spread
    Macroeconomic Analysis

    Wider Crack Spread: Its Impact on Refiners

    The recent rise in the crack spread is driven by factors like low crude oil prices, a rise in demand for gasoline, and a sharp rise in demand for propane.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Diesel Fuel Prices Update: What Did the EIA Forecast?

    The EIA (U.S. Energy Information Administration) reported diesel fuel prices at $2.49 per gallon on November 2, 2015.

    By Manu Milan
  • uploads///WTI Brent Price Movements
    Macroeconomic Analysis

    Why Did Crude Oil Prices Rally Last Week?

    West Texas Intermediate crude oil price closed at $46.59 per barrel on October 30, which is 5.6% higher than the price on October 26 at $43.98 per barrel.

    By Manu Milan
  • uploads///WTI Brent Spread
    Macroeconomic Analysis

    WTI-Brent Spread Converges: Will the Trend Continue?

    A higher rise in WTI prices than in Brent prices reduces the WTI-Brent spread.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    What Impact Has Crude Oil Had on Heating Oil Prices?

    The EIA’s Short-Term Energy Outlook reveals that American households heating primarily with heating oil will spend an average of $459 this winter.

    By Manu Milan
  • uploads///WTI Brent Spread
    Macroeconomic Analysis

    Will the WTI-Brent Spread Continue to Diverge?

    WTI (West Texas Intermediate) crude oil’s discount to Brent crude widened this week. The WTI-Brent spread was $3.61 per barrel on October 27, 2015.

    By Manu Milan
  • uploads///WTI Brent Price Movements
    Macroeconomic Analysis

    Why Did West Texas Intermediate Fall More than Brent Crude Oil?

    On October 27, 2015, WTI (West Texas Intermediate) crude oil prices closed at $43.20 per barrel, the lowest since August 2015.

    By Manu Milan
  • uploads///WTI Brent Price Movements
    Macroeconomic Analysis

    Why Are WTI-Brent Crude Oil Prices Down?

    On October 22, 2015, West Texas Intermediate crude oil prices closed at $45.38 per barrel, 1.0% lower compared with crude oil prices on October 15, 2015.

    By Manu Milan
  • uploads///WTI Brent Price Movements
    Macroeconomic Analysis

    What’s Driving WTI-Brent Crude Oil Prices?

    A slowdown in China’s economy and an increase in OPEC production and massive stockpiles are the drivers of WTI-Brent prices.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Can Outages Be Overcome by Alternate Sources of Gasoline Supply?

    According to the EIA, since the Torrance outage, imported supplies of gasoline have been arriving in Southern California from all over the world.

    By Manu Milan
  • uploads///Weekly Regional Regular Gasoline Price Diffrential to U
    Macroeconomic Analysis

    Gasoline Price Differential and Unplanned Refinery Outages

    According to the EIA, The United States’ average regular gasoline retail price rose two cents from the previous week to $2.34 per gallon on October 12, 2015.

    By Manu Milan
  • uploads///MARPOL sulfar regulations
    Macroeconomic Analysis

    Analyzing MARPOL Regulations on Sulfur Content in RFO

    According to the EIA, the levels stipulated by MARPOL (marine pollution) regulations can be met by using RFO with sulfur levels of no more than 3.5%.

    By Manu Milan
  • uploads///Global Consumption of residual fuel oil
    Macroeconomic Analysis

    Why RFO Regulations Force Dependence on LNG

    According to MARPOL regulations, the sulfur content in RFO should be minimal in order to make RFO cleaner and lighter. RFO is a low-cost oil compared to LNG.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Ample Distillate Fuel Inventories as Winter 2016 Nears

    The EIA stated on October 7, 2015, that distillate fuel stocks decreased by 2.5 MMbbls to ~149.2 MMbbls in the week ending October 2.

    By Manu Milan
  • uploads///Market Vectors Oil Refiners ETFCRAK Price Chart
    Macroeconomic Analysis

    CRAK Could Benefit if Crack Spreads Remain Attractive

    CRAK is a relatively new fund, and liquidity concerns should be considered given its smaller asset base and lack of trading volume to date. CRAK only has about $1.8 million in total assets.

    By Manu Milan
  • uploads///Fund Holdingsjpg
    Macroeconomic Analysis

    Robust Crack Spreads Guide Van Eck’s Holdings for CRAK

    High current crack spreads and positive returns from the refining sub-sector guided Van Eck to concentrate CRAK’s holdings in the sector’s top refining companies.

    By Manu Milan
  • uploads///WTI Brent Price Movement
    Macroeconomic Analysis

    What’s the Impact of Global Factors on Crude Oil Prices?

    Crude oil prices have fallen almost 50% since last year due to an imbalance in the market. Apathetic economic growth in China and Europe is restraining the global appetite for crude oil, which is in abundant supply.

    By Manu Milan
  • uploads///Downstream upstream earnings
    Macroeconomic Analysis

    Crude Oil Downstream Earnings Amass More Than Upstream

    Why did downstream earnings contribute more than upstream? A fall in crude oil prices and a rise in demand for gasoline and petroleum products are the main reasons for crack spread.

    By Manu Milan
  • uploads///Global Crude Oil ConsumptionSupply and Inventory
    Macroeconomic Analysis

    Crude Oil Production Outpaces Consumption Growth

    In its August STEO report, the EIA forecast that falling crude oil production in the United States in response to lower oil prices will help moderate oil inventory builds in the coming months.

    By Manu Milan
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