Market Insights

February 3, 2017 • Posted in Market Insights

Week of January 30, 2017

  • Brent closed up by only $0.03/bbl to $55.52 in another volatile week of trading
  • Efforts to get Brent above the $60/bbl mark in the last three weeks have failed despite OPEC cuts of 1.5 mm bbl/day, as U.S. oil production continues to increase
  • WTI went up 1.4% to $53.17/bbl despite higher US output and inventories
  • The U.S. EIA reported crude and gasoline stocks up by 2.8 mm bbls and 6.8 mm bbls respectively
  • Despite building inventories, the weekly U.S. active oil rig count moved up again by 15 to 566
  • Natural gas prices moved slightly higher to $3.35 per MMBtu NYMEX on a higher-than-expected draw in inventory and a colder weather forecast

 

WTI Crude Oil & Brent Crude Oil 01302017

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