Oil & Gas Prices - Oct 29
Posted: Thu Oct 29, 2020 9:16 am
Opening Prices:
> WTI oil down $1.94 to $35.37
> HH gas down $0.113 to $3.178
> WTI oil down $1.94 to $35.37
> HH gas down $0.113 to $3.178
Closing Prices;
> WTI oil DEC20 finished the day down $1.28 at $36.11
> HH gas DEC20 came back strong after the weekly storage report to finish up $0.025 at $3.316
Just a few weeks ago I thought we had a good chance to see gas over $3.00 by the end of October.
Now I think we see might see $3.50 by end of November. The JAN21 contract closed at $3.43 today. It will be the front month contract at the end of November.
Natural gas and NGL prices are set by regional supply/demand and the North American region is going to be very tight this winter.
Supply will be down about 3 Bcfpd and demand will be up over 4 Bcfpd at least for the next six months. 180 days X 7 = 1,260 Bcf tighter than a year ago.