Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Crude Oil Rallies as OPEC Deal Remains in Focus, Natural Gas Falls

October 6, 2016 at 17:34 by Vladimir Vyun

Futures for crude oil rallied today as the planned output cut announced by the Organization of Petroleum Exporting Countries remained in the focus of traders’ attention. Additionally, the OPEC announced that key members of the organization, including Saudi Arabia, Iran, and Iraq, will meet Russia for informal talks about oil production. The news reinforced hopes that non-OPEC members may join the deal to limit oil supply as a measure to support prices. Futures for delivery of WTI crude oil in November gained 1% to $50.33 per barrel as of 17:20 GMT on NYMEX today. Brent crude for delivery in December advanced 1.2% to $52.48 per barrel on ICE.

Meanwhile, prices for natural gas fell during the current trading session, driven down by bearish supply report from the Energy Information Administration. The EIA reported that US stockpiles expanded by 80 billion cubic feet last week. Market participants were counting on a smaller increase by 67 billion. November contract for natural gas declined 0.23% to $3.03 per million British thermal units on NYMEX today.

If you have any questions and comments on the commodities today, use the form below to reply.

Leave a Reply