Oil prices are rising this morning despite rising coronavirus cases worldwide. Russia declared they would be willing to maintain deeper production cuts in 2021 if required, though they left open the question of what will be required. Looking ahead, Goldman Sachs reiterated its bullish stance on oil prices in 2021, with rising inflation and a […]
WTI crude finished the week relatively unchanged after an up and down week of trading. OPEC met on Monday and reiterated that it would support a balanced market. Saudi Arabia stated, “No one should doubt the group’s commitment to providing support.” Still, the group did not formally commit to maintaining current production levels. Markets are […]
Natural Gas News – October 22, 2020 Gas South to buy Florida-based natural gas provider One of the Southeast’s leading natural gas providers, Gas South, announced an acquisition Tuesday that could more than double its annual revenue. Gas South will buy Florida-based Infinite Energy in a deal that the companies expect to close by the […]
On Wednesday, WTI crude was down sharply on news from the EIA of a surprise build in gasoline stocks which is a proxy for gasoline demand. Rising coronavirus cases in the US and Europe are causing concern around a second wave of lockdowns and restrictions putting a dent in demand recovery. According to the EIA, […]
On Tuesday, WTI crude closed up following US equities higher on the hope of a stimulus package making progress before the election. While chances of passing a stimulus package before November are slim, the markets are closely following news about progress. Crude is down in early trading this morning. A surprise build in US inventories […]
Oil prices aren’t going anywhere until the election Oil remains anchored at around $40 per barrel, awaiting a new direction. Coronavirus cases are on the rise and raise new concerns about demand as travel restrictions begin to increase. In the U.S., the market is hoping for federal stimulus but odds look remote until after the […]
Crude is down this morning and is feeling some pressure from the concern around demand loss from rising coronavirus cases. Reports on Monday showed that coronavirus around the world topped over 40 million cases. This second wave of cases in North America and Europe is triggering various degrees of lockdowns and restrictions which may impact […]
Natural Gas News – October 19, 2020 Henry County awarded $1.5 million grant from Appalachian Regional Commission to connect Commonwealth Crossing to natural gas service The Appalachian Regional Commission announced a $1.5 million grant to Henry County this week to help connect the Commonwealth Crossing industrial park to natural gas. This funding will go towards […]
Markets are mixed this morning as traders focus on rising COVID-19 cases and the resumption of Libya’s oil production. The demand outlook for this winter is becoming increasingly dismal, and the prospects of a US stimulus package passing before the election seem low. Oil markets are watching OPEC+’s meeting today for signs of any changes […]
Prices whipsawed yesterday, plunging by a dollar early in the day before rising following the EIA’s bullish inventory report. By the end of the day, prices closed less than 10 cents off from Wednesday’s closing level. This morning, prices are trading slightly lower, with gasoline leading the way. The EIA’s weekly report showed a crude […]
