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Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

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Expert Commentary: A Record Setting Week In Energy

Midland

It was a record setting week in the energy complex with crude oil posting one of its biggest declines since the price collapse in 2014 and natural gas posting back-to-back double-digit percentage moves. U.S. crude oil also completed a record 12 consecutive lower closes. In the natural as market, a short-squeeze spiked the market higher, producing the biggest one-day rally in 14 years and the highest closing price since 2014. This was followed by the sharpest one-day decline since February 2003.

Crude Oil

We know the market is oversupplied. This is because of rising production in the United States, Saudi Arabia and Russia and weakening global demand. U.S. producers aren’t likely to lighten up. Russia likes the cash flow and says it is comfortable with $70 crude oil. The Saudi’s seem to be the most receptive to production cuts.

According to reports, prices are being underpinned by expectations OPEC would start withholding supply soon. They seem to be operating under the fear of a price collapse similar to the crash of 2014.

According to Reuters, OPEC’s de-facto leader Saudi Arabia wants the cartel and its allies to cut output by about 1.4 million barrels per day (bpd), around 1.5 percent of global supply.

Technical Analysis

Both WTI…





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