Navigate Up
Sign In

Crude plummeted $2.47

Posted on: June 08, 2017

A terribly bearish day for WTI contracts. What drove oil $2.47 lower to settle at $45.72 for the day? Well, to start, the official EIA numbers were exceptionally disparate to analyst forecasts-- API anticipated a 4.62 million barrel decline versus the actual gain in US stockpiles of 3.3 million barrels. Secondly, Royal Dutch Shell lifted restrictions on exports to Nigeria oil, and according to an article on Bloomberg that it could represent “20% of the supply OPEC has pledged to cut” drastically taking away from the global effort to reduce supply. Thirdly, EIA and their monthly revision to the 2018 US crude production was bumped up to 10 million barrels per day.

It is becoming evident the battle to bring demand and supply to an equilibrium is met with adversity stemming from US shale producers and OPEC exempt cut members—Nigeria and Libya.

​​

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.

1-888-404-4646

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 of Alberta Treasury Branches.

ATB Financial