Market Insights

February 24, 2017 • Posted in Market Insights

Week of February 20

  • Brent closed down $0.89/bbl this week while WTI closed down $0.46/ bbl
  • Oil remains stuck in the $50-$55 band despite significant OPEC production cuts
  • The U.S. active oil rig count has increased by 114 since OPEC announced its cuts
  • U.S. March oil production is expected to rise by another 80,000 bpd vs. February
  • OPEC appears to have run out of options to push oil prices higher and prices could fall when the deal to curb production expires
  • Natural gas dropped below $3.00 per MMBtu NYMEX on Thursday due to the continued mild weather outlook, helping to keep PE feedstock costs low

WTI Crude Oil & Brent Crude Oil 02202017

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