Oil & Gas Prices - Nov 11

[dan_s]

Trading Economics:

Oil
WTI crude oil prices dropped by over 2.5% to below $69 per barrel on Monday, as concerns about weak demand from China weighed on the market. Data showing low consumer inflation and declining factory prices in China added to fears of a slowdown in the world’s largest oil importer.
> The strengthening U.S. dollar, following President Trump's re-election, also pressured oil prices, making dollar-denominated commodities less appealing.
> Traders are closely monitoring the global demand outlook for 2025, alongside the potential impact of Trump's policies and tensions between Israel and Iran. < I will be opening the presentation at Wednesday's luncheon in Houston with comments on how Trump's policies might impact oil prices and gas prices. We are in the smaller room at Maggiano's so attendance is limited to 30, so you must register for this event.
> With an oil surplus expected next year, key reports this week from OPEC, the U.S. Energy Information Administration, and the International Energy Agency will provide fresh insights.

Natural Gas
US natural gas futures jumped over 6% (to $2.94 at the time of this post) as significant production in the Gulf of Mexico remained disrupted following storm Rafael.
> The US Bureau of Safety and Environmental Enforcement (BSEE) reported that on Sunday, 482,790 barrels of oil and 310 million cubic feet of natural gas were still shut in, representing more than 25% of oil and 16% of natural gas output.
> Additionally, 37 out of 371 manned platforms (around 10%) remained evacuated, and two drilling vessels were displaced.
>> Total production losses so far have reached 2.07 million barrels of oil and 1.12 billion cubic feet of natural gas.
> Although Rafael has been downgraded to a tropical storm since entering the Gulf as a major hurricane, it is expected to linger in the central Gulf before shifting south and southwest early in the week, according to the US National Hurricane Center.