Oil & Gas Prices - August 14
Posted: Fri Aug 14, 2020 8:29 am
Opening Prices:
> WTI is down 17c to $42.07/Bbl, and Brent is down 17c to $44.79/Bbl.
> Natural gas is up 1.7c to $2.199/MMBtu.
I thought the larger than expected natural gas storage build announced yesterday would have pushed gas prices lower. Nice to see that traders see it for what it is, short-term reduced power demand up the East Coast caused by the hurricane. It is becoming clear to traders that gas supply will be much lower heading into the winter heating season this year.
WTI might react a bit to the active rig count report.
> WTI is down 17c to $42.07/Bbl, and Brent is down 17c to $44.79/Bbl.
> Natural gas is up 1.7c to $2.199/MMBtu.
I thought the larger than expected natural gas storage build announced yesterday would have pushed gas prices lower. Nice to see that traders see it for what it is, short-term reduced power demand up the East Coast caused by the hurricane. It is becoming clear to traders that gas supply will be much lower heading into the winter heating season this year.
WTI might react a bit to the active rig count report.