Oil & Gas Prices - Nov 18
Posted: Wed Nov 18, 2020 9:58 am
Opening Prices:
> WTI is up 47c to $41.90/Bbl, and Brent is up 64c to $44.39/Bbl. < $41.50 is a strong resistance level for WTI. It will take several closes above $41.50 to take it out.
> Natural gas is up 4.3c to $2.735/MMBtu.
The major stock indices are having a strong November, boosted by positive news from two U.S. drugmakers--Pfizer updated the efficacy of its candidate to 95% Wednesday--about the effectiveness of their potential Covid-19 vaccines.
This has come against a background of an increasing number of Covid-19 infections across the U.S., now averaging over 150,000 new cases a day. This has resulted in a number of major cities, including Chicago, Philadelphia and New York, announcing new restrictions to try and stem the spread.
Federal Reserve Chair Jerome Powell Tuesday applauded the recent news over potential vaccines, but said the U.S. economy still has a “long way to go”, while calling for additional fiscal stimulus to support the economic recovery.
House Speaker Nancy Pelosi called Tuesday for fresh negotiations with Republicans on a fiscal-stimulus package, with the House returning to session next week, but with the political climate still highly partisan it’s doubtful common ground can be reached.
> WTI is up 47c to $41.90/Bbl, and Brent is up 64c to $44.39/Bbl. < $41.50 is a strong resistance level for WTI. It will take several closes above $41.50 to take it out.
> Natural gas is up 4.3c to $2.735/MMBtu.
The major stock indices are having a strong November, boosted by positive news from two U.S. drugmakers--Pfizer updated the efficacy of its candidate to 95% Wednesday--about the effectiveness of their potential Covid-19 vaccines.
This has come against a background of an increasing number of Covid-19 infections across the U.S., now averaging over 150,000 new cases a day. This has resulted in a number of major cities, including Chicago, Philadelphia and New York, announcing new restrictions to try and stem the spread.
Federal Reserve Chair Jerome Powell Tuesday applauded the recent news over potential vaccines, but said the U.S. economy still has a “long way to go”, while calling for additional fiscal stimulus to support the economic recovery.
House Speaker Nancy Pelosi called Tuesday for fresh negotiations with Republicans on a fiscal-stimulus package, with the House returning to session next week, but with the political climate still highly partisan it’s doubtful common ground can be reached.