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Weekly Commodity Report: Oil Prices Jump as COVID-19 Vaccines Near Finish Line

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   |    Monday,November 23,2020

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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