Oil & Gas Prices - Mar 4

[dan_s]

Opening Prices:
> WTI is up 93c to $48.11/Bbl, and Brent is up 95c to $52.81/Bbl
> Natural gas is up 0.5c to $1.805/MMBtu

Closing Prices:
> WTI prompt month (APR 20) was down $0.40 on the day, to settle at $46.78/Bbl.
> NG prompt month (APR 20) was up $0.027 on the day, to settle at $1.827/MMBtu.

Why WTI should move over $50/bbl:
> OPEC+ to agree on a significant production cut this week
> Libya civil war already has a million BOPD off the market
> FEAR level of coronavirus COVID-19 should decline as more people are being "cured" by their own immune systems; actual death rate is going to be much lower than expected.
> Fed interest rate cut lowered U.S. Dollar Index by 2%. As the dollar goes down oil price goes up.
> API storage report after the market closed on Tuesday was bullish showing small build in crude oil and much larger declines in gasoline and distillate inventories.