Yesterday, November 17th the EIA published its weekly report about energy stocks, consumption and prices. The report also speculated on the movement of crude oil prices, perhaps moving to higher levels. I have partly referred to this matter in a previous post; however, for this week, at least, the crude oil prices didn’t show much strength, except for today, as crude oil price ranged between the 80 to 85 USD/ barrel mark.
On the other hand, natural gas prices continue to flip flop as it demonstrated today a drop after a full week’s rises and falls.
Despite the expectations of a rise in Finished Motor Gasoline stock as the refineries got back to business and are expected to produce in full steam, as I have referred to before, it seems that there is a continuous decline in Finished Motor Gasoline stock, as it currently stands on 68,446 thousands of barrels, the lowest recorded stock even, and a decline of 1.4% from last week. I think that since there are still high levels of crude oil stocks, which currently stand on 1,084,146 thousands of barrels, it’s probably still a matter of the refineries not keeping up with their work quota. I think that as the weeks will progress we will see a steady rise in Finished Motor Gasoline stock.
Here is an update on the prices of main energy commodities for November 18th:
The crude oil price of short term futures, as of 17.22PM GMT, on the New York Mercantile Exchange (Nymex), is at 82.27 USD per barrel, which represents a 1.83 dollar increase or a 2.27% drop.
The Dated Brent spot crude oil reached 84.69 USD per barrel – a 2.09 per barrel rise as of 17.33PM GMT.
The WTI spot price is trading as of 17.00PM GMT at 81.90 USD per barrel, an increase of 1.82% compare to the previous business day’s rate.
The Natural Gas prices after rising yesterday by 5.5%, the Nymex Henry Hub Future settled yesterday on 4.03$ MMBTU (one million BTU). Today, the market opened with a fall and currently the price of the Nymex Henry Hub Future is traded, as of 17.22PM GMT, at 3.87$ MMBTU which is a 3.87% decrease or 0.16 in $ MMBTU.