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Crude up $0.36

Posted on: May 01, 2017

Russia almost fully adhered to their pledged 300,000 barrel per day production cuts as the OPEC agreement nears expiration at the end of May. Extensions for the agreement past June have not been agreed to by Russia and they have not conveyed any sense of direction, although many OPEC members not limited to Saudi Arabia have already expressed their intentions to agree with further production curbs.

The US rig count rose by 9 to 697 according to Bloomberg. President Trump seeks to expand offshore drilling and Interior Secretary Ryan Zinke stated “It’s better to produce energy here under reasonable regulations than to have it produced overseas with no regulations.” Increased offshore drilling could narrow future demand-output gaps. Prompt contracts closed $0.36 higher to settle at $49.33 on Friday.


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NYMEX natural gas climbed 4.4 cents higher on Friday.

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