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Crude strengthens by $0.81

Posted on: October 06, 2017

Tropical Storm Nate could develop into a Hurricane and once again put the US Gulf Coast at risk during this unrelenting Hurricane season. Should Nate strike Florida/Louisiana it would threaten both lives and cause refiner demand to plummet. Although it is a hot topic right now, I have a reluctance to get into the discussion that the Saudi King and President Putin met to talk about ways to stabilize the global oil supply glut—possibly extending cuts until the end of 2018. I think the focus should continue to be on the overall OPEC compliance levels—which have been deteriorating, combined with the fact that extension cuts are highly contingent on the price of crude at the beginning of next year.

It's too fast, too soon to make that sort of decision but it has proved highly effective in the past on bolstering optimism and speculation. Record high US exports have been stimulated by the wide Brent-WTI spread and kept oil rig taps running. Yesterday's increase of 81 cents in the WTI prompt futures to settle $50.79 was more a play on the Hurricane.


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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