• 3 minutes e-car sales collapse
  • 7 minutes Energy Armageddon
  • 11 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 14 days How Many Wells From 1 Onshore Rig?
  • 22 days Сryptocurrency predictions
  • 22 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
Iraq And UAE Spearhead Downstream Expansion

Iraq And UAE Spearhead Downstream Expansion

Despite the unstable macro environment…

EU Looks To Extend Natural Gas Consumption Cuts For Another Year

EU Looks To Extend Natural Gas Consumption Cuts For Another Year

The European Commission, as expected,…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Premium Content

Natural Gas Plunges As Oil Prices Consolidate

It was a pretty uneventful week in the crude oil market with prices consolidating as investors continued to digest the previous week’s decision by an OPEC-led group of producers to trim output starting in January. The most action in the energy complex was in the natural gas market where sellers took control amid uncertainties and inconsistencies in the medium-term weather forecasts.

Crude Oil

Refineries processed 50.46 million tonnes of crude oil last month, or 12.28 million bpd, up 2.9 percent from the same month last year, the National Bureau of Statistics reported. That figure is down from October and from the record of 12.49 million bpd reported in September. Finally, for the first 11 months of the year, refinery output gained 7.2 percent to 554.48 million tonnes, or 12.12 million bpd, on track for an annual record.

Underpinning the markets was optimism over the OPEC-led strategy to trim production by 1.2 million barrels starting on January 1. Traders are hoping the move alleviates the oversupply situation and stabilizes prices.

Crude Oil Technical Analysis

(Click to enlarge)

The main trend is down according to the daily swing chart. However, momentum has shifted slightly to the upside following the closing price reversal…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News