Oil price down and gas price up

[dan_s]

Trading Economics:
"WTI crude futures tumbled more than 6% to around $73 per barrel on Friday morning, the lowest price in nearly nine weeks on growing demand concerns after a new and possibly vaccine-resistant coronavirus variant was detected in South Africa triggering worry about the potential for travel restrictions. Britain announced a temporary ban on flights from six countries in southern Africa and other nations could follow suit. Oil markets were already under pressure amid concerns about a wider global oil market surplus in the first quarter of 2022 following the announcement of a coordinated release of crude reserves among major consumers earlier in the week. The OPEC’s advisory board expects a 400,000 barrels per day excess in the oil markets in December and predicted that the surplus would expand to 2.3 million bdp in January and 3.7 million bdp in February if consumer nations proceed with the release."

Natural gas is headed in the other direction, up $0.24 to $5.31 this morning. Remember that travel restrictions have very little impact on natural gas demand. Mother Nature and Old Man Winter are in charge of gas prices.