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Crude falls $0.64

Posted on: January 16, 2017

Libya, an OPEC member exempt from production cuts, continues to place pressure on the optimism surrounding the OPEC agreement. Libya’s production has rose to 750,000 bpd, a 50,000 bpd increase since last week according to Reuters. Rig counts released on Friday showed a decline of 7. The declining strength of the USD last week did its best to support crude prompt WTI contracts (denominated in USD) but it wasn’t enough to counteract the bearish addition to DOE storage figures in Crude inventories of 4.1MM (expectations of 1.5MM) as the market lagged to digest this information.

Overall, crude ended the week trading within a $0.90 range and settling $0.64 lower at $52.37.


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November 20, 2017

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NYMEX natural gas climbed 4.4 cents higher on Friday.

November 20, 2017

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

November 17, 2017

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November 17, 2017

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


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