Market Insights

January 27, 2016 • Posted in Market Insights

Week of January 25, 2016

  • Oil traded above $32/bbl on the weekend, driven by a blizzard on the US East Coast, which is expected to drive demand for heating oil, and hints from the European Central Bank about a stimulus package to increase economic activity
  •  Global oil inventories continue to grow, and production from Iran and Iraq is likely to increase the supply surplus
  • Goldman Sachs predicted Friday that oil will trade in a band between $20 and $40 for some time as the “path to a balanced market will be both protracted and arduous”
  • Natural gas prices remain weak at $2.15 per MMBtu NYMEX with some support potentially coming as a result of the same US blizzard that supported oil prices

 

WTI Crude Oil & Brent Crude Oil 01252016

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