The Week Ahead For Crude Oil, Gas and NGLs Markets – April 6, 2020
[contextly_auto_sidebar] CRUDE OIL Front-month WTI futures ended last week on a high note, settling at $28.34/bbl on renewed talk of a globally coordinated production cut. However, renewed bullish sentiment was dealt a blow over the weekend due to a spat between Saudi Arabia and Russia over whom is to blame for last month’s failed OPEC+ […]
The Week Ahead For Crude Oil, Gas and NGLs Markets – March 30, 2020
[contextly_auto_sidebar] CRUDE OIL May WTI settled at $21.51/bbl on Friday, down from last Wednesday’s high of $25.24/bbl. As of this morning’s trading, front-month WTI was testing support at $20/bbl and the front spread has continued deeper into contango at $3.81/bbl. The last time the front spread was this far in contango was in February 2011, […]
The Week Ahead For Crude Oil, Gas and NGLs Markets – March 23, 2020
[contextly_auto_sidebar] CRUDE OIL Talk of $10-$15/bbl crude oil is permeating conversations among traders and market analysts as prompt WTI treads water just below $22.50/bbl. Given the inability of non-OPEC production to respond quickly to the precipitous drop in global oil demand just as Saudi Arabia and others ramp up production, inventory builds in April and […]
The Week Ahead For Crude Oil, Gas and NGLs Markets – March 16, 2020
[contextly_auto_sidebar] CRUDE OIL Despite President Donald Trump’s pledge on Friday to fill the Strategic Petroleum Reserve “to the top,” crude oil futures continued to slide Monday morning amid growing fears of an outright contraction in global oil demand this year. A number of countries around the globe are going into lockdown in an effort to […]
The Week Ahead For Crude Oil, Gas and NGLs Markets – March 9, 2020
[contextly_auto_sidebar] CRUDE OIL A spectacular collapse in oil prices followed last week’s disastrous OPEC+ meeting, with front-month WTI dropping $4.62/bbl Friday to settle at $41.28/bbl and subsequently opening Monday morning at $32.29/bbl. Russia refused to go along with OPEC’s plan to cut 1 MMbbl/d on the condition that non-OPEC participants to the OPEC+ deal also […]
The Week Ahead For Crude Oil, Gas and NGLs Markets – March 2, 2020
[contextly_auto_sidebar] CRUDE OIL Crude oil futures ended last week at a 14-month low, with April WTI settling at $44.76/bbl on Friday. The rapid spread of COVID-19 outside of China and the rising likelihood of a global economic slowdown sent financial markets around the world into a selloff, and oil futures trading has not been immune […]
The Week Ahead For Crude Oil, Gas and NGLs Markets – February 24, 2020
[contextly_auto_sidebar] CRUDE OIL Crude oil futures trended higher over much of last week but lost ground on Friday amid renewed concerns over the spread of the COVID-19 virus. April WTI settled Friday at $53.38/bbl, a $0.50 drop from the day before, and is down more than 4% this morning. Outbreaks in South Korea, Italy and […]
The Week Ahead For Crude Oil, Gas and NGLs Markets – Feb 18, 2020
[contextly_auto_sidebar] CRUDE OIL Front-month WTI futures settled at $52.05/bbl on Friday, breaking a five-week streak of down prices. An easing of concerns over the spread of COVID-19 has been widely cited by the trade press for the perceived increase in market optimism, but some amount of short covering likely played a role in sending futures […]
The Week Ahead For Crude Oil, Gas and NGLs Markets – February 10, 2020
[contextly_auto_sidebar] CRUDE OIL Prompt WTI futures struggled to tread water just above $50/bbl last Friday after Russia said it would need more time to formulate its position vis-à-vis the proposed 600,000 bbl/d of additional OPEC+ production cuts. The coronavirus outbreak in China has led to a major reassessment of global supply/demand fundamentals, with all eyes […]
The Week Ahead For Crude Oil, Gas and NGLs Markets – February 3, 2020
[contextly_auto_sidebar] CRUDE OIL Crude oil futures continued their downward slide last week, with March WTI opening last Monday at $53.70/bbl and settling Friday at $52.92/bbl. Front month WTI opened lower this morning at $51.01/bbl. Coronavirus concerns continue to dominate the headlines and market participants are bracing for a sharp slowdown in refined product demand as […]