Oil & Gas Prices - Nov 6

[dan_s]

Opening Prices:
> WTI is down 83c to $37.96/Bbl, and Brent is down 81c to $40.12/Bbl.
> Natural gas is down 2.1c to $2.921/MMBtu.

I am in PV, Mexico this morning but flying back this afternoon. I will have a podcast this weekend. Wild swings in commodity prices and equity prices because of the elections this week. The drama is likely to continue for week.

All of the Q3 results were close to my forecasts. I will get all of the Sweet 16 models updated in a few days.

[dan_s]

WTI crude futures settled 4.3% lower at $37.14 a barrel on Friday, amid persistent concerns about fuel demand recovery and as investors monitored the final outcome of the US presidential election with key states including Arizona, Georgia, Nevada, Pennsylvania and North Carolina still counting votes. So far, Democratic candidate Joe Biden holds the lead while Republicans appeared poised to retain control of the US Senate which will make the passage of the stimulus package or any other major policy change more difficult. At the same time, a spike in global coronavirus infections which led several countries to impose fresh restrictions clouded the outlook on fuel demand recovery. Still, for the week the WTI crude booked a gain of 3.8% supported by a surprise draw in US crude stockpiles last week and signals that OPEC+ is considering a possible extension of oil production restrictions into the first quarter of 2021.