Market Insights

February 10, 2016 • Posted in Market Insights

Week of February 8, 2016

  • Prices were supported early last week by rumors of possible cooperation between OPEC and non-OPEC nations on production cuts, but nothing materialized
  • Prices fell as the Energy Information Administration (EIA) reported a 7.8 MM bbl build in crude inventories
  • Overall crude stocks passed 500 MM bbl for the week ending January 29
  • US refinery operating rates fell to 86.6% and stocks are expected to continue to grow as refinery turnaround season is underway
  • Natural gas prices fell to below $2.00 per MM Btu as the EIA reported a lower-than-expected draw of 152 billion cubic feet in natural gas stocks due to milder weather

 

WTI Crude Oil & Brent Crude Oil 02082016

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