Prices at the open:
WTI is up 52c to $53.83/Bbl, and Brent is up 48c to $59.44/Bbl.
Natural gas is up 1.0c to $2.248/MMBtu.
Closing prices:
WTI prompt month (NOV 19) was up $0.85 on the day, to settle at $54.16/Bbl.
NG prompt month (NOV 19) was up $0.034 on the day, to settle at $2.272/MMBtu.
I see articles that say oil will pull back tomorrow if EIA reports a build in crude oil inventories. Fact: We must build crude oil inventories in October because refineries will soon be coming out of maintenance season and they need a lot of oil to rebuild distillate inventories that are dangerously low.
Oil & Gas prices - Oct 22
Oil & Gas prices - Oct 22
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil & Gas prices - Oct 22
After the markets closed:
The American Petroleum Institute (API) has estimated a crude oil inventory build of 4.45 million barrels for the week ending October 17—compared to analyst expectations of a 2.232-million-barrel build.
The API also reported a draw of 702,000 barrels of gasoline for week ending October 17 and that distillate inventories fell by 3.491 million barrels for the week. Distillate inventories are way below the 5-year average.
The American Petroleum Institute (API) has estimated a crude oil inventory build of 4.45 million barrels for the week ending October 17—compared to analyst expectations of a 2.232-million-barrel build.
The API also reported a draw of 702,000 barrels of gasoline for week ending October 17 and that distillate inventories fell by 3.491 million barrels for the week. Distillate inventories are way below the 5-year average.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group