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Crude descends $0.59

Posted on: November 07, 2016

Last Friday finished the week off on a pessimistic note where Crude WTI Prompt contracts continued their losing streak with a $0.59 loss and final close of $44.07. The influence of OPEC hearsay statements was all too evident when Saudi Arabia had allegedly threatened to increase production if a cut could not be agreed upon, shortly afterwards the comment was confirmed as false by Mohammed Barkindo, OPEC Secretary-General; however, the statement was enough to take crude on a ride to $43.50 lows until bouncing back slightly after the General’s response.

Baker Hughes published their US rig counts with a further increase of 9 rigs to 450 total. As America returns to work we will likely experience violent swings in commodity pricing with election day upon us.

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Most Recent Market Updates

November 20, 2017

Natural gas gains 4.4 cents

NYMEX natural gas climbed 4.4 cents higher on Friday.

November 20, 2017

Crude gained $1.41

Crude prompt futures gained $1.41 on Friday to close the day at $56.55.

November 17, 2017

Natural gas falls 2.7 cents

NYMEX natural gas continued it’s decent on Thursday.

November 17, 2017

Crude prices slide $0.19

Crude prompt futures traded in a 69 cent range.

November 17, 2017

USDCAD range bound as Canadian CPI uneventful

Domestically we saw the biggest release of the week a few minutes ago.

November 14, 2017

Natural gas loses 5 cents

Cold weather emerged over the long weekend in the US Midwest to East as anticipated.

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