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European Energies Futures Prices

Fri, Dec 6th, 2019
[[ timeframe ]] futures price quotes as of Fri, Dec 6th, 2019.
[[ timeframe ]] futures price quotes, based on [[ timeframe ]] data.

Futures Market News and Commentary

Crude Oil Falls Back from a 2-1/2 Month High as Reports of OPEC+ Production Cuts Fail to Impress

Jan WTI crude oil (CLF20) on Thursday closed unchanged, Feb Brent crude oil (CBG20) closed up +0.39 (+0.60%), and Jan RBOB gasoline (RBF20) closed up +0.0169 (+1.05%).

The energy complex settled mixed on Thursday with little additional gain from Wednesday's 4.15% surge in Jan WTI crude oil. Crude prices climbed to 2-1/2 month highs early in the session after the OPEC+ Joint Ministerial Monitoring Committee (JMMC) recommended that OPEC+ cut its crude production by -500,000 bpd, which would increase total OPEC+ crude production cuts to -1.7 million bpd from the existing agreement of -1.2 million bpd that expires in March. However, crude prices fell back since there would be little additional cut from current levels since the overall OPEC production level is already running about 300,000 below the OPEC target. OPEC and OPEC+ ministers will concluded their 2-day meeting on Friday.

A negative factor for crude oil is that Saudi Arabia is threatening OPEC+ quota cheaters with... Read more

Natural Gas Prices Close Higher on the Outlook for Frigid Temps to Invade the Midwest Next Week

Jan Nymex natural gas (NGF20) on Thursday closed up by +0.028 (+1.17%).

Jan nat-gas prices closed higher Thursday on the outlook for an arctic cold blast to invade the Midwest next week, which should boost heating demand for nat-gas. Maxar said Thursday that temperatures will be below-normal across most of the central U.S. and some eastern states during Dec 10-19, with the most intense cold in the Midwest.

Nat-gas prices fell back from their best levels Thursday after the EIA reported that weekly EIA nat-gas inventories fell -19 bcf, less than expectations of -27 bcf, and less than the 5-year average of -41 bcf for this time of year.

High U.S. nat-gas production continues to be a bearish factor with lower-48 nat-gas production Thursday up +7.6% y/y at 95.179 bcf/d. Strong U.S. nat-gas output has caused U.S. nat-gas inventories to rise sharply in recent months to the current level of +16.9% y/y from -22.3% y/y last March.

Thursday's weekly EIA report of -1... Read more

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