Market Insights

March 3, 2017 • Posted in Market Insights

Week of February 27, 2017

  • Brent was up $0.18 to $55.99/bbl last week, WTI was up $0.59 to $53.99/bbl
  • OPEC’s production cuts continue to support oil prices along with the approach of the US summer driving season
  • U.S. shale producers continue to pump aggressively, and its possible that Russia or others may break ranks on the OPEC production cuts deal since the impact on price has been less than hoped so far
  • Some analysts see more downside price risk than upside risk
  • Warm weather drove the Henry Hub spot price down $0.39/MMBtu vs. prior week to $2.53 per MMBtu Wednesday despite lower-than-normal stock levels

WTI Crude Oil & Brent Crude Oil 02272017

 

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