Market Insights

December 2, 2016 • Posted in Market Insights

Week of November 21, 2016

  • WTI and Brent moved up to $45.69 and $46.86/bbl respectively in a volatile week on sentiment that OPEC may be successful in negotiating production cuts
  • The US rig count rose again by 19 rigs this week to 471, the 21st rise in the last 24 weeks
  • The EIA reported another build of almost 5.3 mm bbl million in US crude stocks for the week
  • OPEC meets again on 11/30 and some analysts feel output cuts will be agreed despite Iran and Iraq’s press for a freeze at higher rates than proposed by OPEC
  • Other analysts are skeptical and believe a deal will not be reached due to competition between OPEC members
  • Iran became the largest supplier to India in October, bumping Saudi Arabia out of top spot
  • Natural gas prices steadied at $2.70/mm BTU NYMEX on a forecast for cooler weather

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