Navigate Up
Sign In

Crude losses $0.34

Posted on: March 24, 2017

While the markets continue to digest the EIA build of 4.95 million on Wednesday attention has shifted to OPEC and the meeting that will take place over the weekend in Kuwait… it may be prudent to expect price swings pending statements made by the ministers. Libya’s production has resumed levels seen prior to the militia group attack on the two main oil ports. The Saudi Arabia energy minister continues to express the desire to extend cuts if stockpiles remain too high. It’s not all bad news, at least not for some Canadian producers, where heavy oil that was previously supplied in larger quantities by OPEC has enticed Canadian producers to fill the gap. The Western Canadian Select (WCS) has reflected these favourable supply fundamentals boasting the narrowest spread differential between WTI since June.

This has prompted oil sands producers such as MEG, Canadian Natural and Cenovus to resume expansion projects. Needless to say the combination of a relentless increase in US shale supply and Canadian production may be met with contention if OPEC is fed up with providing a “free ride”: One way or another the global supply gut still needs to shrink. Overall, NYMEX May futures contracts lost $0.34 and settled at $47.7 for the day.


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.


Talk to a specialist

GlassdooreSSENTIAL Accessibility™Diversity and Inclusion

About ATB | Contact Us | Find a Branch or ABM | Current Rates | Privacy and Security | Legal | Code of Conduct | Site Map | Supplier Resources

2018 ATB Financial. All rights reserved. ©ATB Financial is a trade name/registered trademark.

ATB Financial