Oil & Gas end of day prices - Oct 1

[dan_s]

WTI prompt month (NOV 19) was down $0.45 on the day, to settle at $53.62/Bbl.

NG prompt month (NOV 19) was down $0.047 on the day, to settle at $2.283/MMBtu.

Looking at the chart for oil, WTI closed right at a strong support level. Since early August, this support level has been tested three times. Surprising to me is that all of the geopolitical risk premium is now gone. Did peace break-out between Iran and Saudi Arabia?

After the markets close API reported a big and unexpected decline in U.S. crude oil inventories. Remember, this is the time of year when oil inventories need to build.

Investing.com - U.S. crude stockpiles dropped sharply last week, according to an estimate from the American Petroleum Institute released Tuesday.
The API said crude inventories dropped by 5.9 million for the week ended Sept. 27.
The Wall Street Gang "experts" were expecting an increase in crude oil inventories of about 1.5 million bbls. If EIA confirms the API number we should see WTI rebound tomorrow.