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Oil Video 12.01.21.
Oil Continues To Move Higher As Saudi Arabia’s Production Cut Serves As A Major Bullish Catalyst
Yesterday’s pullback was temporary, and oil quickly moved to new highs. Currently, WTI oil is trying to settle above the $53 level. If this attempt is successful, WTI oil will be just a few steps away from the $55 level.
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Meanwhile, Brent oil has already crossed this mark and is heading towards the $60 level which will likely be seen as a “normal” level by many traders.
Interestingly, December 2021 WTI oil futures are trading below the $51 level so the discount to the front-month contract is more than $2. A similar situation can be seen in the Brent oil market as December 2021 Brent oil futures are trading near the $54 level while the front-month contract is trading above the $56 level.
Here is a recap oil and gas market hits and misses for the week ending Jan. 8, 2021.
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author.)
Until the onset of the shale revolution, OPEC – primarily Saudi Arabia – was long considered the world’s “swing” supplier of crude oil.
As a 2015 Rigzone article explains, taking on that role involved adjusting crude supplies to offset perceived oil market shortages and gluts. Thanks to the influx of non-OPEC crude supplies, much of it resulting from the U.S. shale revolution, the OPEC/Saudi swing producer status diminished.