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.