Market Insights

November 7, 2016 • Posted in Market Insights

Week of October 31, 2016

  • Oil prices fell sharply last week with WTI closing at $48.70/bbl and Brent off 4% at $49.71/bbl, the biggest weekly drop since mid-September
  • OPEC members are meeting in Vienna to negotiate output cuts
  • Iraq is asking for an exemption from cuts as it needs the revenue to fight ISIS
  • Iran is reluctant to cut and is accusing OPEC of lowballing production numbers
  • Russia has not yet indicated whether it will join in the cuts
  • Natural gas prices moved up slightly last week on low inventory builds but prices are expected to remain weak due to mild weather

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