Opening Prices:
> WTI is up $1.11 to $41.92/Bbl, and Brent is up $1.21 to $44.49/Bbl.
> Natural gas is up 2.0c to $1.661/MMBtu.
Closing Prices:
> WTI prompt month (AUG 20) was up $1.15 on the day, to settle at $41.96/Bbl.
> NG prompt month (AUG 20) was up $0.034 on the day, to settle at $1.675/MMBtu.
Oil & Gas Prices - July 21
Oil & Gas Prices - July 21
Last edited by dan_s on Tue Jul 21, 2020 3:25 pm, edited 1 time in total.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil & Gas Prices - July 21
Oil prices rose sharply on Tuesday. Despite bad coronavirus news in the U.S., which could weaken demand, there are high hopes for economic stimulus. The European Union agreed to a historic stimulus, and the U.S. Congress appears intent on passing yet another trillion-dollar economic package. Crude prices hit four-month highs on Tuesday.
U.S. liquid fuels consumption is expected to continue to rise in the second half of 2020, but will remain below pre-pandemic levels until August 2021, according to a new forecast from the EIA.
- For the full year, the EIA sees gasoline demand averaging 8.3 mb/d, down 1 mb/d year-on-year, or a 10 percent decrease.
- Still, the EIA’s forecast is at the optimistic end of most predictions. For instance, the agency sees jet fuel demand being down only 12 percent next year. Other analysts see long-lasting scars to aviation.
U.S. liquid fuels consumption is expected to continue to rise in the second half of 2020, but will remain below pre-pandemic levels until August 2021, according to a new forecast from the EIA.
- For the full year, the EIA sees gasoline demand averaging 8.3 mb/d, down 1 mb/d year-on-year, or a 10 percent decrease.
- Still, the EIA’s forecast is at the optimistic end of most predictions. For instance, the agency sees jet fuel demand being down only 12 percent next year. Other analysts see long-lasting scars to aviation.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group