Market Insights

October 11, 2016 • Posted in Market Insights

Week of October 3, 2016

  • Crude prices rose to approach $50/bbl late last week on news that an agreement to curb production had been reached between OPEC members and others in Algiers
  • The agreement (if implemented) would reduce production by around 700,000 bbl/day
  • It is unclear whether solidarity among the parties to the agreement will be strong enough to hold given the political, religious and economic differences among them
  • The increase in price driven by the agreement will also open the door for US shale producers to increase production once again
  • Natural gas prices remained around $2.97 per MMBtu NYMEX this week on expectations of milder weather

 

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