First Look

Each weekday morning, we provide insight into the oil and gas markets and share it with everyone who is interested – just read below.

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November 16

Crude Oil:

  • WTI is up $1.14 to $57.60/Bbl, and Brent is up $1.50 to $68.12/Bbl
  • After twelve consecutive down days for WTI (a record), the Dec. contract has risen over the last three sessions including this morning
    • The low hit Tuesday was $54.75/Bbl
  • Russia is not interested in participating in renewed calls from OPEC to cut oil supply (Reuters)
    • Brent crude is down from its four-year high of $86/Bbl to $68/Bbl this morning over the last five weeks
  • US crude stocks rose by a 10.3 MMBbl to 442.1 MMBbl last week, amid higher production
    • The massive build didn’t effect price the way one would think
      • With crude already down so much so fast, sellers were likely kept at bay
    • Stocks at Cushing Oklahoma rose by 1.2 MMBbl to 35.5 MMBbl

Natural Gas:

  • Natural gas is up 11.9c to $4.157/MMBtu
  • Weather models trended warmer in the 6-10 and 11-15 day window for much of the Midwest
    • Even with a turn warmer in the overnight models, forecast are still at least normal or slightly below-average
  • Yesterday’s extreme reversal in NG price was the largest one-day percentage drop since 1990, excluding contract rolls (Bloomberg)
    • The drop of -17% was not enough to take away NG’s gain on the week, which was 31c up since last Friday as of yesterday’s settle
  • Rockies cash prices are not participating in the $47 (there’s no decimal in that) increase in Sumas prices as the Washington/British Columbia border
    • The Sumas point cash price is $61.76 for today’s delivery after the Westcoast system announced some required maintenance would reduce deliveries
    • NWPL Rox cash was slightly lower in yesterday’s trading, at $4.12/MMBtu

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