Oil & Gas Prices - Feb 5

dan_s · Post by **dan_s** » Wed Feb 05, 2020 9:08 am

Opening prices;
WTI is up $1.35 to $50.96/Bbl, and Brent is up $1.51 to $55.46/Bbl.
Natural gas is down 3.9c to $1.833/MMBtu.

Aegis Energy: "Oil higher on coronavirus vaccine optimism"

Closing prices:
WTI prompt month (MAR 20) was up $1.14 on the day, to settle at $50.75/Bbl.
In contrast, NG prompt month (MAR 20) was down $0.011 on the day, to settle at $1.861/MMBtu.

Any positive news on the corona virus or positive economic news will cause a short covering rally in oil.

U.S. crude oil production peaked at 13 million bpd and is now on decline. See this: https://www.eia.gov/dnav/pet/pet_sum_sn ... _nus_w.htm

I urge all of you to listen to the Core Labs Q4 conference call. Core Labs has more accurate data than EIA. They have significantly lowered their forecast of U.S. oil production growth in 2020. They now believe that U.S. oil production will decline from December 2019 to December 2020.