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Energy Prices Summary – Friday, November 8, 2019
Crude Oil (CLZ19): 57.24 (+.09)
Natural Gas (NGZ19): 2.789 (+.017)
NY ULSD (HOZ19): 1.9181 (-.0022)
Gasoline (RBZ19): 1.6337 (-.0018)
Oil prices ended slightly higher, but this was one of those days worth taking a closer look at.
For those in our audience that are new to oil and gas, or just new to following oil prices closer, this day shows why we look at volume and intraday charts. On the surface, you might think that +.09 meant a quiet day, but the first thing to tip me off was the huge volume of 1.35 million contracts trading.
A closer look at the intraday shows that crude actually rallied about $1.50 off its lows to settle back at unchanged. Big range, big volume and a big show of support at the $56 level.
A dropping rig count, continued news about shale production pulling back, and an eye on some severe cold weather should keep the market supported for now.
Top Oil Price News Headlines
+ The rig count collapse is far from over – Oil Price
+ Another Arctic surge to deliver record mid-November cold next week – Weather Channel
Crude Oil Settlements
Dec 19 (CLZ19) 57.24 (+.09)
Jan 20 (CLF20) 57.26 (+.11)
Dec 20 (CLZ20) 53.59 (+.38)
Dec 21 (CLZ21) 51.97 (+.30)
Crude Oil Price Spreads
CLZ19 / CLF20: -.02
CLZ19 / CLZ20: +3.65
CLZ20 / CLZ21: +1.62
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Oil Price Resources
Want to learn more about concepts related to oil trading, financial contracts, hedging, and commodity price volatility? Here are some resources that are available to learn more:
+ Oil 101 – Introduction to Supply, Trading, & Transportation (Member-Only Content)
+ Hedging and Financial Contracts (Member-Only Content)
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