Market Insights

November 16, 2016 • Posted in Market Insights

Week of November 14, 2016

  • WTI settled down another 2.8% last week to $43.41/bbl while Brent settled down 2.4% to $44.75 on increasing US inventories and US oil production
  • The US rig count rose again this week to 452 and has increased in 20 of the last 24 weeks
  • 70 US oil & gas firms filed Chapter 11 in 2015 & 2016 their output remains at 1 mm. BBL/day
  • The EIA reported a build of over 2.4 million barrels in crude stocks for the week
  • Crude futures have wiped out virtually all the price gains made since the end of September when OPEC announced plans to negotiate production cuts
  • It now appears unlikely the cartel and its allies will succeed in reaching an agreement in cutting the 1 mm. bbl/day it would take hit its output targets
  • Natural gas prices fell on high inventory builds and continued warm weather

 

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