Week of November 30, 2015
- Crude pricing was volatile last week with prices rallying early in the week only to fall again on Wednesday.
- Early last week prices were supported when the Saudi oil minister stated that OPEC would help stabilize the market.
- Later in the week the U.S. Energy Information Administration (EIA) reported a further build of nearly 1 mm. bbl in U.S. crude stocks and only a small decrease in U.S. crude production, which combined to offset any optimism around potential OPEC action.
- Brent traded on the weekend at just under $45/bbl while WTI traded just under $42/bbl.
- Natural gas prices are falling as stocks build due to mild weather, reducing feedstock costs for polyolefins.