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Weekly Commodity Summary
Oil Prices - WTI & Brent
After seeing a lull on Friday November 13, oil prices largely increased and stayed near or above the $40/barrel range last week, continuing the trend on Monday, November 23.
This was mostly due to several positive developments regarding COVID vaccine trials.
- WTI prices were $42.75/barrel on Monday November 23, which is up 6.5% from Friday, November 13
- WTI prices were $45.52/barrel on Monday November 23, which is up 6.6% from Friday, November 13
The weekly EIA inventory report noted that oil imports declined by 245 MBO (or -4%) from the prior week. Meanwhile, crude inventories increased by less than 1% (adding 0.8 million barrels).
Gas Prices
Natural gas prices dropped off noticeably from Friday November 13, falling by 10.1% to $2.68 as of 11/23.
A mix of warmer than usual winter weather and increased gas drilling activity are the likely culprits.
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Oil & Gas Prices
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