Week of May 2, 2016
- WTI and Brent crude climbed to roughly $46/bbl and $48/bbl respectively on Thursday despite reports of continuing growth in crude and gasoline stocks.
- Some of the movement was caused by weakening of the US dollar as the Fed announced interest rates would remain unchanged at least through June.
- There also appears to be sentiment in the market that non-OPEC crude oil production rates have peaked will begin to fall.
- Natural gas prices remain weak at around $2.07/mm BTU NYMEX as inventories continue to rise and forecasts point to mild weather.