WTI prompt month (OCT 19) was up $0.04 on the day, to settle at $56.30/Bbl. WTI opened at $55.95, spiked to $57.76 then pulled back to
NG prompt month (OCT 19) was down $0.010 on the day, to settle at $2.435/MMBtu.
Oil & Gas Price change - Sept 5
Oil & Gas Price change - Sept 5
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil & Gas Price change - Sept 5
Very strange price patterns in relation to the published data.
Re: Oil & Gas Price change - Sept 5
MY TAKE: There is a lot of computer trading of oil futures these days. Hedge funds will continue trading the range of $53.00 to $57.00 until they get burned bad.
I believe a big "Paradigm Shift" will occur soon when EIA and IEA finally admit that U.S. oil production growth is over unless oil prices move a lot higher.
Keep in mind that WTI was up 5% yesterday, so that when WTI came off the peak at 40 minutes after the bullish EIA report a lot of funds hit the "sell button" to lock in profits. IMO the fact that $56 held is a good sign. Let's see what happens tomorrow if we get a good jobs report.
I believe a big "Paradigm Shift" will occur soon when EIA and IEA finally admit that U.S. oil production growth is over unless oil prices move a lot higher.
Keep in mind that WTI was up 5% yesterday, so that when WTI came off the peak at 40 minutes after the bullish EIA report a lot of funds hit the "sell button" to lock in profits. IMO the fact that $56 held is a good sign. Let's see what happens tomorrow if we get a good jobs report.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group