Oil & Gas Prices - April 10
Posted: Fri Apr 10, 2020 10:42 am
At 10:30AM CT the MAY NYMEX contract for West Texas Intermediate is trading a bit over $23.00/bbl.
For OPEC + Russia it is going to take more effort than turning a few valves to take 15-20 million barrels per day off the global oil market. They will need help and thy are talking to the G20 today. Saudi Arabia and Russia need much higher oil prices than we have today. The fact that they are bleeding money is why something must be done. Their Oil Price War will go down as one of the really stupid decisions that MBS ever made.
The front month NYMEX contract for natural gas is up a couple cents to $1.75/mcf. We will see ngas move over $2.00 in a few months thanks to Global Warming. It has already started in South Texas.
For OPEC + Russia it is going to take more effort than turning a few valves to take 15-20 million barrels per day off the global oil market. They will need help and thy are talking to the G20 today. Saudi Arabia and Russia need much higher oil prices than we have today. The fact that they are bleeding money is why something must be done. Their Oil Price War will go down as one of the really stupid decisions that MBS ever made.
The front month NYMEX contract for natural gas is up a couple cents to $1.75/mcf. We will see ngas move over $2.00 in a few months thanks to Global Warming. It has already started in South Texas.