Market Insights

January 18, 2017 • Posted in Market Insights

Week of January 16, 2017

  • WTI fell $1.62/bbl to $52.37 and Brent fell $1.65/bbl to $55.45 in a volatile week, despite OPEC cuts, as the US EIA reported a 4 mm. bbl. Inventory build
  • The US Energy Information Agency forecasted last week that Brent Crude would average $US53/ bbl in 2017 and $US56/bbl in 2018, less than half of what it was 3 years ago but still well above the $30/bbl low seen in late 2015 (see 1 mo. and 1 yr. charts below)
  • US production growth from non-conventional sources and global energy efficiency improvements are both contributing to this relatively stable outlook
  • Natural gas moved up, reaching $3.38 per MMBtu NYMEX Thursday, on high inventory draws but warm weather in the US may keep prices relatively flat

WTI Crude Oil & Brent Crude Oil 011617

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