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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.


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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