Market Insights

February 17, 2016 • Posted in Market Insights

Week of February 15, 2016

  • US WTI shot up sharply Friday on rumors of possible OPEC production cuts
  • Friday’s increase followed a sharp drop Thursday to a 12-year low of $26.05 /bbl
  • There is a ~$4/bbl gap between Brent and WTI due to the US supply and storage issues
  • US producers can now technically export crude but export activity has been limited and has done little to narrow the gap between Brent and WTI prices
  • US refinery turnaround season is underway and crude stocks are reaching storage capacity limits and threatening to send prices tumbling again
  • Natural gas prices remain weak at just under $2.00/MMBtu (NYMEX)
  • Frigid weather forecasted for the US could push gas prices up slightly

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