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Oil Price - Nov 4
Posted: Mon Nov 04, 2019 10:40 am
by 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/
Re: Oil Price - Nov 4
Posted: Mon Nov 04, 2019 11:23 am
by 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.
Re: Oil Price - Nov 4
Posted: Mon Nov 04, 2019 4:25 pm
by 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.