Market Insights

March 24, 2017 • Posted in Market Insights

Week of March 20, 2017

  • Oil traded in a narrow band last week and failed to stage a significant rebound following the prior week’s 9% drop
  • Brent closed up by $0.39 to $51.76/bbl while WTI moved up just $0.29 to $48.78/bbl
  • Saudi’s oil minister threatened OPEC cuts could be extended beyond June but the market failed to react to the statement and remains bearish as inventories grow
  • One reason for higher inventories is that non-OPEC countries have cut by only 55% of agreed volumes
  • Another is that U.S. production is rising with the U.S. oil rig count up again by 14 to 631 last week
  • The Henry Hub spot natural gas price moved up from $2.69 per MMBtu last Wednesday to $3.00 on higher-than-expected inventory drawdown

WTI Crude Oil & Brent Crude Oil 03202017

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