Trey Cowan, Senior Industry Analysts, S&P Global Platts
Source: Rigs and Drilling Analytical Report (RADAR), September 20, 2018
WTI crude settled at $71.12 on September 9, 2018 for the front-month contract. Crude prices relative to one week ago were up by +$0.75 per barrel. Supply disruptions caused by geopolitical risks (think Venezuela and Iran) continue to be supportive to oil prices.
Natural gas prices have been taking their cue from weather-driven demand. Specifically, Henry Hub Natural Gas Futures settled at $2.908 per mmBtu on September 19, 2018 for the front-month contract, eight cents better than the prices last week. Given that storage levels are tracking well off the 5 year averages, prices could get quite volatile if a warm winter season does not materialize.
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