Oil Price - Nov 4

[dan_s]

Opening prices:
WTI is up 58c to $56.78/Bbl, and Brent is up 69c to $62.38/Bbl.
Natural gas is up 9.6c to $2.810/MMBtu.

The November weather forecast has turned VERY BULLISH for natural gas.
Watch the Saturday Summary here: https://www.weatherbell.com/premium/

[dan_s]

Cold start to winter in NE U.S. and Western Europe is also bullish for home heating oil demand. A major snow storm this week with temps in the teens will have the phones ringing off the wall for home heating oil suppliers. I worked at Hess for 18 years, a major supplier of home heating oil in the Northeast.

[dan_s]

Closing Prices:
WTI prompt month (DEC 19) was up $0.34 on the day, to settle at $56.54/Bbl.
NG prompt month (DEC 19) was up $0.107 on the day, to settle at $2.821/MMBtu.

What's impacting oil price:
> Increasing protests in Iraq: https://www.youtube.com/watch?v=LRiVOYiw-gA

> Iran announce more nuke deal violations: https://www.foxnews.com/world/iran-work ... l-official

> Saudi Arabia moving forward with Aramco IPO

Primary driver of natural gas prices is the weather.
https://weather.com/forecast/national/n ... =hp-slot-3

NYMEX strip for natural gas is over $2.80 for December to February.