Oil & Gas end of day prices - Oct 3

[dan_s]

WTI prompt month (NOV 19) was down $0.19 on the day, to settle at $52.45/Bbl. < Big bounce off the low. Close over $52 is important.
NG prompt month (NOV 19) was up $0.082 on the day, to settle at $2.329/MMBtu. < Somewhat surprising since we had a bearish storage report. Mother Nature is now in charge if the gas price.

Oil prices edged lower on Thursday after weak services data increased concerns about the health of world’s largest economy and Saudi Arabia confirmed that oil production is fully restored after attacks on its facilities. US crude oil dropped as much as 2.4% to $51.43 per barrel around 10:20 AM NY time while Brent crude fell nearly 2% to $56.53 per barrel.

MY TAKE: The strong move up in the afternoon to settle over $52/bbl for WTI is encouraging. A close for the week over $52/bbl would be nice and should set it as a strong support level. Tomorrows employment report may be the key.

Let's all remember that this Saturday will be just three weeks from the attack on Saudi Arabia. There is no lasting peace when it involves Iran.