Market Insights

November 16, 2016 • Posted in Market Insights

Week of November 7, 2016

  • Oil prices dropped sharply last week as US inventories surged and Saudi Arabia reportedly threatened to raise output if Iran doesn’t cut output
  • OPEC members are meeting in Vienna to negotiate output cuts squabbling among members is making success look less likely
  • Oil price futures dropped almost 10% last week (largest weekly decline since January)
  • The US rig count went up by 9 to 450 while US crude inventory grew by more than 14 mm. bbl. (largest weekly build on record) partly due to refinery turnarounds
  • Natural gas prices remain around $2.80 MMBtu NYMEX on above-average inventories and mild weather but exports and petrochemical expansions may drive higher prices

 

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