Market Insights

April 20, 2016 • Posted in Market Insights

Week of April 18, 2016

  • Crude prices took a hit after a volatile week in which OPEC forecast that non-OPEC production was likely to fall faster than expected.
  • Speculation around a production freeze coming out of the OPEC and non-OPEC meeting in Doha over the weekend drove oil prices up mid-week, but a deal failed to materialize yet again when Iran did not attend.
  • The EIA reported a build in crude stocks of over 6.6 MM bbls and a build of 505,000 bbls in distillate stocks for the week ending 8 April, which added downward price pressure.
  • Natural gas prices dropped slightly to $1.97 per MMBtu NYMEX on Thursday.
  • Weak demand due to warmer weather is expected to keep natural gas prices low.

 

WTI Crude Oil & Brent Crude Oil 04182016

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