Oil & Gas Prices - Feb 28

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dan_s
Posts: 34471
Joined: Fri Apr 23, 2010 8:22 am

Oil & Gas Prices - Feb 28

Post by dan_s »

Opening Prices:
WTI is down $1.61 to $45.48/Bbl, and Brent is down $1.16 to $51.02/Bbl.
Natural gas is down 3.5c to $1.717/MMBtu.

"The beatings will continue until behavior changes." Don't they know that positive reinforcement is what humans need?

Closing Prices:

WTI prompt month (APR 20) was down $2.33 on the day, to settle at $44.76/Bbl.
NG prompt month (APR 20) was down $0.068 on the day, to settle at $1.684/MMBtu.

At some point, the media has to report that COVID-19 is a mild case of the flu. As I posted earlier, the number of people who have FULLY RECOVERED from the virus is accelerating and the number of deaths is on decline. Remember that bird-flu, swine-flu, Aids, Ebola, SARS and MERS were all expected to wipe out millions and within months they disappeared. COVID-19 is on the same path.
Last edited by dan_s on Fri Feb 28, 2020 6:46 pm, edited 1 time in total.
Dan Steffens
Energy Prospectus Group
dan_s
Posts: 34471
Joined: Fri Apr 23, 2010 8:22 am

Re: Oil & Gas Prices - Feb 28

Post by dan_s »

Faced with a slump in demand and plunging oil prices, OPEC’s top producer and de facto leader Saudi Arabia is asking members of the OPEC+ group to consider an additional collective cut of 1 million bpd when the coalition meets in Vienna next week, Financial Times reports, citing five people with knowledge of the talks.
Read more: https://oilprice.com/Energy/Crude-Oil/S ... ow-50.html

As I have said many times "WTI under $50/bbl is unsustainable". One reason is that Saudi Arabia's entire sovereign wealth funds will go to zero in less than five years. They need $80 Brent to balance their budget.
Dan Steffens
Energy Prospectus Group
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