Market Summary

To help keep our clients ahead of the curve when it comes to their energy initiatives, CES publishes a weekly market newsletter which discusses key energy events, provides market analysis, and delivers a practical summary of current market conditions.

CES Market Summary 9.27.21

JANUARY 17 - 21, 2022

Electricity prices decreased week-over-week following a stretch of relatively mild winter weather. The NEPOOL 12-mo. strip fell 5.3% week-over-week, ending at $69.22/MWh on Friday. WTI prices closed at $85.14 per barrel on Friday, up 1.6% from the week prior. Oil is dipping after an 8-week spike, with high demand and consumption on track to hit pre-pandemic levels, forecasting a return to $100/barrel in Q3 2022. Natural gas futures dropped 6.2% from the previous week, settling at just under $4.00/MMBtu on Friday. Despite colder weather boosting heating fuel demand, prices fell last week with an improved storage inventory outlook.

CES Market Summary 10.04.21

JANUARY 10 - 14, 2022

Natural gas futures increased 8.8% from the previous week, settling at $4.26/MMBtu on Friday. Prices rose with a shift towards colder temperatures likely to elevate heating demand. Electricity prices increased week over week following a stretch of cold temperatures and winter storms. The NEPOOL 12-mo. strip rose 4.2% week-over-week, ending at $73.08/MWh on Friday. WTI prices closed at $83.82 per barrel on Friday, up 6.2% from the week prior. Oil prices reached a 7-year high this past week, mostly due to supply restrictions and demand largely unaffected by the omicron variant.

CES Market Summary 9.27.21

JANUARY 3 - 7, 2022

WTI prices closed at $78.90 per barrel on Friday, up 4.9% from the week prior. Oil is at a seven-week high due to sustained demand despite the Omicron variant, as well as supply disruptions and spare capacity concerns from OPEC+. Natural gas futures increased from 5.1% from the previous week, settling at $3.92/MMBtu on Friday. Prices rose as colder winter weather increased U.S. commercial and residential heating demand. Coming off a late December 5-year high, prices last week began to fall and stabilize. The NEPOOL 12-mo. strip fell 17.3% week-over-week, ending at $62.43/MWh on Friday.

CES Market Summary 10.04.21

DECEMBER 13 - 17, 2021

Last week marked the end of a sustained period of falling electricity prices. The NEPOOL 12-mo. strip rose 10.3% week-over-week, ending at $71.73/MWh on Friday. January natural gas futures dropped 6.6% from the previous week, settling at $3.69/MMBtu on Friday. U.S. natural gas futures declined for a third week straight as mild winter weather continues to constrain demand. WTI prices closed at $70.86 per barrel on Friday, down 1.1% from the week prior. Oil extended declines on worries over the rapid spread of the Omicron virus variant and uncertainty for President Joe Biden's economic plans.

CES Market Summary 9.27.21

DECEMBER 6 - 10, 2021

January natural gas futures declined by 5.0% from the previous week, settling at $3.93/MMBtu on Friday. U.S. gas futures posted their second weekly loss with forecasts for a mild winter signaling reduced demand for heating fuels. Prices continued to fall last week because of sustained warmer than average weather forecasts. The NEPOOL 12-mo. strip fell 4% week-over-week, ending at $65.05/MWh on Friday. WTI prices closed at $71.23 per barrel on Friday, up 8.2% from the week prior. At the end of last week oil futures recorded their first weekly gain in 7 weeks, and the largest since August.

CES Market Summary 10.04.21

NOVEMBER 29 - DECEMBER 3, 2021

WTI prices closed at $66.26 per barrel on Friday, down 15.1% from the week prior. Oil prices posted their sixth weekly loss this week, marking the longest stretch of declines since 2018 due to growing concerns about the rise in COVID-19 cases. December natural gas futures were down by 24.1% from the previous week, settling at $4.13/MMBtu on Friday. U.S. gas futures posted their worst weekly performance since February 2014 with warmer-than-expected weather forecasts signaling below-average heating demand. Prices fell last week following a drastic decrease in natural gas prices due to warmer-than-expected forecasts. The NEPOOL 12 mo. strip fell 5.1% week-over-week, ending at $67.77/MWh on Friday.

CES Market Summary 9.27.21

NOVEMBER 15 - 19, 2021

December natural gas were up by 5.8% from the previous week, settling at $5.07/MMBtu on Friday. Cold weather forecasts, higher-than-expected storage injections, and strong liquefied natural gas exports caused U.S. gas prices to increase. WTI crude prices closed at $76.10 per barrel on Friday, down 5.8% from the week prior. Oil prices fell for the sixth week in a row, as the U.S., Japan, and China consider the release of oil from their strategic petroleum reserves. Prices rose last week following an increase in natural gas prices due to inventory concerns. The NEPOOL 12 mo. strip rose 9.2% week-over-week to $71.09/MWh on Friday.

CES Market Summary 10.04.21

NOVEMBER 8 - 12, 2021

December natural gas futures dropped 13.1% from the previous week, settling at $4.79/MMBtu On Friday. Warm forecasts, an improved winter supply outlook, and increased gas supply to Europe caused U.S. gas prices to decline. Prices fell last week as the winter fuel inventory outlook improved and nuclear generation resumed in full. The NEPOOL 12-mo. strip fell 8.2% week-over-week to $65.63/MWh on Friday. WTI crude prices closed at $80.79 per barrel on Friday, down 0.6% from the week prior. Prices fell throughout the week, down for the third week in a row as the U.S. weighs releasing oil from the Strategic Petroleum Reserve.

CES Market Summary 9.27.21

NOVEMBER 1 - 5, 2021

December natural gas futures increased 1.6% from the previous week, settling at $5.52/MMBtu on Friday. The arrival of colder weather and concerns over European gas supply sourced from Russia caused natural gas prices to increase. Prices fell last week as New England nuclear generation resumes. The NEPOOL 12 mo. strip fell 2.7% week-over-week to $71.46/MWh on Friday. WTI crude prices closed at $81.27 per barrel on Friday, down 2.8% from the week prior. Prices fell throughout the week, but spiked on Friday after OPEC+ rejected requests from the U.S. to further increase crude production, leaving markets undersupplied for at least another month.

CES Market Summary 10.04.21

OCTOBER 25 - 29, 2021

WTI crude prices closed at $83.57 per barrel on Friday, down 0.2% from the week prior. After hitting all-time highs mid-week, crude prices eased off in recent days as global demand remains uncertain due to ongoing outbreaks of the coronavirus. December natural gas futures dropped less than 1%, as November settled for the month above $6 following a steep run-up. An above-average storage injection continued to improve supplies heading into winter, however increased LNG exports may limit sustained builds. Prices rose last week as temperatures begin to drop. The NEPOOL 12-mo. strip rose just under 1.0% week-over-week to $73.46/MWh on Friday.

CES Market Summary 9.27.21

OCTOBER 18 - 22, 2021

WTI crude prices closed at $83.76 per barrel on Friday, up 1.8% from the week prior. This was the ninth week in a row that U.S. crude benchmark prices climbed as U.S opened travel to vaccinated travelers and as colder weather triggers more demand for heating oil. Prices rose last week as nuclear capacity remains limited. The NEPOOL 12-mo. strip rose 2.1% week-over-week to $73.06/MWh on Friday. November natural gas futures decreased 2.4% from the previous week, settling at $5.28/MMBtu on Friday. An above-average storage injection, increasing dry gas production, and warm weather patterns contributed to a week-over-week decline in gas prices.

CES Market Summary 10.04.21

OCTOBER 11 - 15, 2021

November natural gas futures decreased by 2.8% from the previous week, settling at $5.41/MMBtu on Friday. Forecasts for warmer fall temperatures, an above-average injection into national storage inventories, and increased dry gas production contributed to a week-over-week decline in gas prices. Prices fell last week following natural gas markets as nuclear outages continue. The NEPOOL 12-mo. strip fell 3.1% week-over-week to $71.55/MWh on Friday. WTI crude prices closed at $82.28 per barrel on Friday, up 3.7% from the week prior. Oil prices reached a new seven-year high as natural-gas supply shortages in Europe and optimism about demand in the U.S. keep the rally going.

CES Market Summary 9.27.21

OCTOBER 4 - 8, 2021

November natural gas futures decreased by 1.3% from the previous week, settling at $5.55/MMBtu on Friday. Rising domestic dry gas production, warm national weather forecasts, and expectations for added European gas supply contributed to ending a two-month surge in U.S. front-month prices. WTI crude prices closed at $79.35/barrel on Friday, up 4.6% from the week prior. Oil prices continued to climb throughout the week, rising above $80 a barrel intraday on Friday for the first time since November 2014. Prices rose last week as nuclear shutdowns increased reliance on natural gas. The NEPOOL 12-mo. strip rose 8.4% week-over-week to $73.87/MWh on Friday.

CES Market Summary 10.04.21

SEPTEMBER 27 - OCTOBER 1, 2021

Prices soared last week, following a similar rally in natural gas prices. The NEPOOL 12-mo. strip rose 11% week-over-week to $68.14/MWh on Friday. WTI crude prices closed at $75.88/barrel on Friday, up 2.6% from the week prior. Prices rose last week ahead of an OPEC+ meeting, contributing to a sixth straight quarterly climb for U.S. benchmark prices. November natural gas futures increased by 9.3% from the previous week, settling at $5.62/MMBtu on Friday. Strong overseas demand for U.S. LNG expected to limit the amount of gas injected into storage this fall led prices to increase week-over-week.

CES Market Summary 9.27.21

SEPTEMBER 20 - 24, 2021

WTI crude prices closed at $73.98/barrel on Friday, up 2.8% from the week prior. Prices climbed to their highest level since October of 2018, seeing a fifth consecutive weekly gain. Prices are set to continue rallying as supply struggles to catch up with fast-rising demand. October natural gas futures increased 0.4% from the previous week, settling at $5.13/MMBtu on Friday. Although a moderate weather outlook for the early fall may help reduce demand, persisting concerns over storage inventory levels for the coming winter led prices to a week-over-week increase. New England electricity prices rose despite a dip mid-week that was caused by mild weather. The NEPOOL 12-mo. strip rose 1.7% week-over-week to $61.34/MWh on Friday.

CES Market Summary

SEPTEMBER 13 - 17, 2021

October natural gas futures increased 3.3% from the previous week, settling at $5.11/MMBtu on Friday. Reduced Gulf Coast dry gas production and above-average temperatures across the U.S. have increased concerns over winter supply and led prices to rise. New England electricity prices rose following an increase in winter natural gas prices. The NEPOOL 12-mo. strip rose 6.6% week-over-week to $62.37/MWh on Friday. WTI crude prices closed at $71.97/barrel on Friday, up 3.2% from the week prior. Prices dropped on Friday but overall saw a fourth consecutive weekly gain. U.S. oil production is slowly returning to normal levels in the Gulf of Mexico after being hit by hurricanes.

CES Market Summary

SEPTEMBER 6 - 10, 2021

WTI crude prices closed at $69.72/barrel on Friday, up only 0.6% from the week prior. Oil prices were little changed as supply effected by Hurricane Ida slowly continues to recover and investors track the outlook for demand and low inventories over the fourth quarter. October natural gas futures increased 4.9% from the previous week, settling at $4.94/MMBtu on Friday. Tightening supply heading into the winter heating season amidst ongoing production disruptions and high demand internationally led gas prices to rise. New England electricity prices rose after a heatwave increased demand early last week. The NEPOOL 12-mo. strip rose 4.1% week-over-week to $58.49/MWh on Friday.

CES Market Summary

AUGUST 30 - SEPTEMBER 3, 2021

WTI crude prices closed at $69.29/barrel on Friday, up just 0.8% from the week prior. West Texas prices were little changed after OPEC+ agreed to boost oil production, predicting that the market can absorb the additional supply. October natural gas futures increased 7.8% from the previous week, settling at $4.71/MMBtu on Friday. Forecasts for above-average temperatures alongside a significant decline in dry gas production following Hurricane Ida led prices to rise. New England electricity prices rose after a heatwave increased demand early last week. The NEPOOL 12-mo. strip rose 4.8% week-over-week to $56.17/MWh on Friday.

AUGUST 23 - 27, 2021

September natural gas futures increased 13.5% from the previous week, settling at $4.37/MMBtu on Friday. Hot temperatures, strong LNG exports, and a reduction in dry gas production ahead of Hurricane Ida led prices to a week-over-week increase. New England electricity prices rose after a heatwave increased demand late last week. The NEPOOL 12-mo. strip rose 1.5% week-over-week to $53.58/MWh on Friday. WTI crude prices closed at $68.74/barrel on Friday, up 10.3% from the week prior. Oil prices saw their biggest weekly gain in 11 months as coronavirus fears waned and hurricane Ida made landfall on the Gulf Coast.

WEEK OF AUGUST 16 - 20, 2021

WTI crude prices closed at $62.32/barrel on Friday, dropping nearly 9% from the week prior. Prices plunged throughout the week causing the longest run of declines since 2018 as the Delta variant continues to spread rapidly across Asia and the U.S., suppressing short-run oil demand. Natural gas markets fell 0.2% from the previous week, settling at $3.85/MMBtu on Friday. An above-average injection into national storage inventories and anticipation that Tropical Storm Henri’s arrival would help ease cooling demand in the Northeast led to the price decline. New England electricity prices rose slightly despite a drop mid-week on forecasts of rain and reduced air conditioning demand. The NEPOOL 12-mo. strip rose 1.8% week-over-week to $52.81/MWh on Friday.

AUGUST 9 - 13, 2021

Natural gas markets fell 6.7% from the previous week, settling at $3.86/MMBtu on Friday. Reduced concerns over winter supply levels following an above-average injection into storage and a shift towards milder weather forecasts for the end of August led to the price decline. WTI crude prices closed at $68.44/barrel on Friday, up 0.2% from the week prior. Prices rose early in the week but fell slightly at the end of the week as the Delta variant continues to spread. New England electricity prices rose only slightly this week, ending a month-long streak of larger gains. The NEPOOL 12-mo. strip rose 0.4% week-over-week to $51.89/MWh on Friday.

AUGUST 2 - 6, 2021

WTI crude prices closed at $67.98/barrel on Friday, down 8.1% from the week prior. Prices dropped throughout the week as coronavirus variant spread continues and after the EIA reported a 3.63 million barrel increase in U.S. crude inventories. Natural gas markets increased 5.6% from the previous week, settling at $4.14/MMBtu on Friday. Forecasts for unseasonably warm temperatures and another below-average seasonal storage injection caused prices to move upward. New England electricity prices rose this week as forecasted temperatures in August are higher than initially expected. The NEPOOL 12-mo. strip rose 8.1% week-over-week to $51.70/MWh on Friday.

JULY 26 - 30, 2021

WTI crude prices closed at $73.95/barrel on Friday, up 2.6% from the week prior and 0.6% for the month. Prices hovered near $70 per barrel with oil demand growing faster than supply, even with the rapid spread of the Delta variant. Natural gas prices decreased 3.6% week-over-week, settling at $3.91/MMBtu last Friday. A milder long-term weather outlook for the coming weeks is expected to help reduce air conditioning demand and drove prices downward on Friday. New England electricity prices rose this week despite dropping Friday on news of mild temperatures. The NEPOOL 12-mo. strip rose 1.9% week-over-week to $47.84/MWh on Friday.

JULY 19 - 23, 2021

On Friday, WTI crude prices closed at $72.17/barrel, closing 0.3% up from the week prior, even with a 7% drop earlier in the week. The large drop was mainly attributed to worries about the spread of the delta variant of the coronavirus and its impact on oil demand as well as the OPEC+ agreement to boost oil supply. Natural gas prices increased 11% week-over-week, settling at $4.06/MMBtu last Friday. A hot weather outlook for much of the country drove prices upward daily, leading prices to reach a 31-month high on Friday. New England electricity prices rose this week following natural gas prices, which are rising with warmer temperatures across the country. The NEPOOL 12-mo. strip rose 3.2% week-over-week to $46.95/MWh on Friday.

JULY 12 - 16, 2021

WTI crude prices closed at $71.81/barrel on Friday, 4% lower than the week prior. Prices dropped for a third day in a row on Friday due to OPEC+’s agreement to boost supply and the rapid spread of the COVID-19 Delta variant. Natural gas prices remained flat week-over-week, settling at $3.67/MMBtu on Friday. After reaching a two-and-a-half year high on Monday, milder weather patterns predicted for the Northeast and the South led prices to hold flat week-over-week. New England electricity prices fell slightly as demand remained below the YTD peak and natural gas prices slipped. The NEPOOL 12-mo. strip fell less than 0.1% week-over-week to $45.50/MWh on Friday.

JULY 5 - 9, 2021

WTI crude prices closed at $74.56/barrel on Friday, about a 1% drop compared to the week prior. While prices continue to stay near October 2018 highs, the growing fuel demand in the U.S., the near-term spread of the Delta variant, and stalled OPEC+ talks are likely to cause oil prices to trade sideways in the upcoming weeks. Natural gas prices decreased 0.2% week-over-week, settling at $3.692/MMBtu on Friday. Despite continued hot weather in the West, natural gas prices fell week-over-week for the first time since mid-June due to increased dry gas production. New England electricity prices fell as weather remains mild across the region. The NEPOOL 12-mo. strip fell 1.8% week-over-week to $45.53/MWh on Friday.

JUNE 21 - 25, 2021

WTI crude prices settled at $74.05/barrel on Friday, a 3% increase week over week. The WTI price continues to climb due to tightening global supply, however, OPEC+ may agree to boost production which could provide some price relief. Natural gas prices increased 8.7% week-over-week, settling at $3.496/MMBtu on Friday. Hot forecasts that signaled increased air conditioning demand in the Northwest and Northeast drove prices to a two and a half year high on Friday. New England electricity prices rose to end above $43/MWh this week. The NEPOOL 12-mo. strip rose 2.5% week-over-week to $43.76/MWh on Friday.

JUNE 14 -18, 2021

Crude oil prices ended at $71.64/barrel on Friday, a 1.0% increase from the week prior. WTI posted gains for the fourth straight week amid soaring demand, nearly reaching pre-COVID-19 levels, and continued supply controls by OPEC+ and U.S. shale producers. Natural gas prices decreased 2.9% week-over-week, settling at $3.215/MMBtu on Friday. Forecasts for cooler weather in the eastern U.S. drove prices downward and helped offset the continued high air conditioning demand caused by the heatwave in the West. New England electricity prices surpassed $43/MWh early last week, later falling to settle at a slight gain. The NEPOOL 12-mo. strip rose 0.8% week-over-week to $42.69/MWh on Friday.

JUNE 7 - JUNE 11, 2021

Crude oil prices ended Friday at a multi-year high of $70.80/barrel, a 3.4% increase from the week prior. Oil posted gains for the third straight week passing $70 for the first time since October 2018 due to an improved outlook for worldwide demand as rising COVID-19 vaccination rates continue to increase. Gas prices rose 6.4% last week, settling at $3.296/MMBtu on Friday. Forecasts for hotter weather and a decline in hydropower capacity amidst drought conditions drove prices upward to the highest levels since October 2020. New England electricity prices spiked last week, surpassing $42/MWh. The NEPOOL 12-mo. strip rose 2.7% week-over-week to $42.34/MWh on Friday.

MAY 31 - JUNE 4, 2021

Crude oil prices ended Friday at $69.62/barrel, a 5.0% increase from the week prior. Oil posted gains for the fourth out of the last five sessions with prices approaching $70/barrel for the first time since October 2018 due to an uptick in gasoline demand, lifting of COVID-19 restrictions, and lagging supply. Gas prices rose 3.7% last week, settling at $3.097/MMBtu on Friday. Prices started the week strong with high LNG imports, dropped midweek due to news of a larger than expected storage injection, and ended the week higher due to a warmer than average forecast. New England electricity markets continued to rebound from last month’s dip. The NEPOOL 12-mo. strip rose 1.2% week-over-week to $41.21/MWh on Friday.

MAY 24 - 28, 2021

Crude oil prices ended Friday at $66.32/barrel, a 4.3% increase from the week prior. Oil prices had their largest weekly gain since mid-April ahead of Memorial Day weekend, marking the beginning of the driving season in the US. Gas prices rose 2% last week, settling at $2.986/MMBtu on Friday. Prices rebounded mid-week, with the July contract settling at $3.027/MMBtu on Wednesday before declining on Friday driven by a large storage injection and cooler temperature forecasts. New England electricity markets rebounded last week. The NEPOOL 12-mo. strip gained 2% week-over-week reaching $40.72/MWh on Friday.

MAY 17 - 21, 2021

Higher dry gas production, reduced LNG exports, and a shift towards milder weather led gas prices to drop 1% from the previous week, settling at $2.91/MMBtu last Friday. As of May 14, gas inventories increased 71 Bcf week-over-week to bring total stockpiles to 2,100 Bcf. New England electricity markets slumped last week. The NEPOOL 12-mo. strip lost 2% week-over-week falling to $39.97/MWh on Friday. Crude oil prices ended Friday at $63.58/barrel, a 2.7% decrease from the week prior. Oil prices had their largest daily gain since mid-April on Friday but ended down week-over-week due to projections for Iranian oil entering the market.

MAY 10 - 14, 2021

Natural gas markets held steady from the previous week, settling at $2.96/MMBtu on Friday. Upward market pressure from an increase in domestic demand was counterbalanced by higher US dry gas production. New England electricity markets continued to rise last week. The NEPOOL 12-mo. strip gained 1.2% week-over-week reaching $40.78 /MWh on Friday. Crude oil prices ended Friday at $65.37/barrel, a 0.7% increase from the week prior. Oil saw a third straight week of gains on the back of a weaker dollar and positive summer demand outlook.

MAY 3 - 7, 2021

Crude oil prices ended Friday at $64.90/barrel, a 2.1% increase from the week prior. Oil had its first back-to-back weekly increase since early March tracking with a continued positive demand outlook in the US and Europe. Natural gas markets increased just 1% from the previous week, settling at $2.96/MMBtu on Friday. Upward market pressure from a below-average increase in storage inventories and continued strong demand for LNG was counterbalanced by a shift towards milder temperatures. New England electricity markets continued to rise last week. The NEPOOL 12-mo. strip gained 3.1% week-over-week reaching $40.30/MWh on Friday.

APRIL 26 - 30, 2021

Crude oil prices ended Friday at $63.58/barrel, a 2.3% increase from the week prior. Oil ended both the week and month higher due to increasingly positive demand outlook in the US, China, and Europe. Tightening storage inventories and strong LNG exports amidst declining dry gas production led natural gas futures to increase 7% from the previous week, settling at $2.93/MMBtu. New England electricity futures leveled off last week. The NEPOOL 12-mo. strip gained 1.1% week-over-week settling at $39.09/MWh on Friday.

APRIL 19 - 23, 2021

Cold early spring temperatures, strong LNG exports, and declining dry gas production led natural gas futures to rise 2% from the previous week, settling at $2.73/MMBtu. Crude oil prices ended Friday at $62.14/barrel, a 1.6% decrease from the week prior. After a strong week last week and continued positive news out of the US and Europe, prices fell due to rapidly increasing COVID-19 cases in India. New England electricity futures continued to rise last week. The NEPOOL 12-mo. strip was up 2% week-over-week settling at $38.66/MWh on Thursday and long-term electricity futures gained between 2% and 3%.

APRIL 12 - 16, 2021

Crude oil prices ended Friday at $63.13/barrel, a 6.4% increase from the week prior. Oil had its best week since mid-March due to positive demand outlooks from the US and China. Cooler temperatures across the US and strong demand internationally for LNG led natural gas futures to rise 6% from the previous week, settling at $2.68/MMBtu. New England electricity futures jumped nearly $1/MWh last week. The NEPOOL 12-mo. strip was up 2% week-over-week settling at $37.82/MWh on Thursday and long-term electricity futures saw gains between 1% to 2%.

APRIL 5 - 9, 2021

Crude oil prices ended Friday at $59.32/barrel, a 3.5% decrease from the week prior. Oil had its worst week since mid-March due to concerns around COVID-19 outbreaks, especially in Europe. Forecasts for warmer temperatures and a seasonably large storage injection of 20 Bcf led gas prices to drop 4% from the previous week, settling at $2.53/MMBtu last Friday.

MARCH 29 - APRIL 2, 2021

Crude oil prices ended Friday at $61.45/barrel, a 0.8% increase from the week prior. Oil markets saw an increase last week due to positive news from the OPEC+ meeting and improving demand outlook. Cold temperatures this past weekend and continued strong demand for LNG exports led gas prices to rise 3% from the previous week, settling at $2.64/MMBtu last Friday. As of March 26, gas inventories increased 14 Bcf week-over-week to bring total stockpiles to 1,764 Bcf.

MARCH 22 - 26, 2021

Crude oil prices ended Friday at $60.97/barrel, a 0.7% decrease from the week prior. Oil prices fell slightly after seesawing throughout the week due to negative short-term demand outlook and the abrupt shutdown of trade through the Suez Canal. Colder national weather forecasts and record demand for LNG exports led gas prices to rise 2% from the previous week, settling at $2.58/MMBtu last Friday. As of March 19, gas inventories decreased 36 Bcf week-over-week to bring total stockpiles to 1,746 Bcf.

MARCH 15 - 19, 2021

Crude oil prices ended Friday at $61.42/barrel, a 6.4% decrease from the week prior. Oil had its worst week since October 2020 due to COVID-19 concerns and long-term demand pessimism. Warm early spring temperatures and lower-than-expected national storage withdrawals led gas prices to decline 2% from the previous week, settling at $2.54/MMBtu last Friday. As of March 12, gas inventories decreased 11 Bcf week-over-week to bring total stockpiles to 1,782 Bcf.

MARCH 8 - 12, 2021

Crude oil prices ended Friday at $65.61/barrel, a 0.7% decrease from the week prior. Prices posted a weekly loss for the first time in three weeks due to demand concerns and global inventories. Warm late-winter conditions and lower-than-expected national storage withdrawals led gas prices to decline 3% from the previous week, settling at $2.60/MMBtu last Friday. As of March 5, gas inventories decreased 52 Bcf week-over-week to bring total stockpiles to 1,793 Bcf.

MARCH 1 - 5, 2021

Crude oil prices ended Friday at $66.09/barrel, a 7.5% increase from the week prior. Prices surged to highs not seen since April 2019 on the back of news that OPEC+ would continue holding supply cuts steady. Meanwhile, warm national weather forecasts for March and lower-than-expected national storage withdrawals led gas prices to decline 2% from the previous week, settling at $2.70/MMBtu last Friday. As of February 26, gas inventories decreased 98 Bcf week-over-week to bring total stockpiles to 1,845 Bcf.

FEBRUARY 22 -26, 2021

Crude oil prices ended Friday at $61.50/barrel, a 3.8% increase from the week prior. Prices dropped 3.2% on Friday, but the market posted a monthly gain of about 18% with decreasing worldwide inventories and positive demand outlook. Meanwhile, heating demand caused by warmer national weather patterns and a fast rebound in Texas gas production led gas prices to decline 10% from the previous week, settling at $2.75/MMBtu last Friday.

FEBRUARY 15 - 19, 2021

Crude oil prices ended Friday at $59.24/barrel, an 0.4% decrease from the week prior. Oil prices surpassed $60 for the first time in over a year midweek, but later fell due to large production and refining shutdowns in Texas caused by the deep freeze. Frigid temperatures across the midcontinent and disruptions to Permian Basin gas production caused prices to rise 6% from the previous week, settling at $3.07/MMBtu last Friday. As of February 12, gas inventories decreased 237 Bcf week-over-week to bring total stockpiles to 2,281 Bcf.

FEBRUARY 8 - 12, 2021

Crude oil prices ended Friday at $59.47/barrel, an 4.6% increase from the week prior. Oil prices reached almost $60 a barrel for the first time in more than a year on the back of increasing demand and decreasing supply. Persistent cold temperatures and disruptions to Permian Basin gas and crude oil production caused US natural gas prices to rise 2% from the previous week, settling at $2.91/MMBtu last Friday. As of February 5, gas inventories decreased 171 Bcf week-over-week to bring total stockpiles to 2,518 Bcf

FEBRUARY 1 - 5, 2021

Crude oil prices ended Friday at $56.85/barrel, an 8.9% increase from the week prior. Oil prices set a one-year high bucking the negative trend with influence from OPEC+ and continued COVID-19 vaccine deployment. Forecasts shifted significantly colder for the remainder of February causing US natural gas prices to rise 15% from the previous week, settling at $3.00/MMBtu last Friday. As of January 29, gas inventories decreased 192 Bcf week-over-week to bring total stockpiles to 2,689 Bcf.

JANUARY 25 - 29, 2021

Crude oil prices ended Friday at $52.20/barrel, a 0.1% decrease from the week prior. Oil prices dipped for the third week in a row due to increase concerns for short term demand and COVID-19 vaccine rollouts. Strong national demand for heating fuels and a shift towards colder national weather forecasts for the start of February caused US natural gas prices to rise 6% from the previous week, settling at $2.60/MMBtu last Friday.

JANUARY 18 - 22, 2021

Crude oil prices ended Friday at $52.27/barrel, a 0.2% decrease from the week prior. Oil fell to its lowest in two weeks due to a negative short-term demand outlook and a stronger US dollar. A shift towards milder national weather forecasts for the end of January and a decline in LNG exports to Asia caused US natural gas prices to fall 11% from the previous week, settling at $2.45/MMBtu last Friday.

JANUARY 11 - 15, 2021

Crude oil prices ended Friday at $52.36/barrel, a 0.2% increase from the week prior. Oil markets managed to pull through with a slight increase despite a strengthening of the US dollar, which decreased the appeal of dollar-based commodities. The possibility of polar vortex conditions developing at the end of January and continued high exports caused US natural gas prices to rise 1.5% from the previous week, settling at $2.74/MMBtu last Friday.

JANUARY 4 - JANUARY 8, 2021

Crude oil prices ended Friday at $52.24/barrel, a 7.7% increase from the week prior. Oil markets posted their largest weekly gain since the end of September, buoyed by Saudi Arabia’s plan to cut output and optimism for the passing of an additional stimulus bill under the incoming Biden administration. Meanwhile, colder short-term forecasts and the potential for polar vortex conditions at the end of January caused natural gas prices to rise 6% from the previous week, settling at $2.70/MMBtu last Friday.

DECEMBER 14 - DECEMBER 18, 2020

Crude oil prices ended Friday at $49.06/barrel, a 5.3% increase from the week prior. Oil markets increased for the seventh straight week, lifted by continuing COVID-19 vaccine rollouts and growing optimism that a new US stimulus deal will be passed to reach a nine-month high. Forecasts for colder weather and an above-average national inventory withdrawal caused natural gas prices to rise 4% from the previous week to settle at $2.70/MMBtu last Friday.

DECEMBER 7 - DECEMBER 11, 2020

Crude oil prices ended Friday at $46.57/barrel, a 0.7% increase from the week prior. Oil markets managed to end with a weekly gain for the sixth week in a row due to vaccine positivity, though stalling US stimulus talks caused prices to fall from a nine-month high early on. Forecasts for cold weather in the northeastern US and a higher-than-anticipated national inventory withdrawal caused natural gas prices to rise 2% from the previous week to settle at $2.59/MMBtu on Friday.

NOVEMBER 30 - DECEMBER 4, 2020

Crude oil prices ended Friday at $46.26/barrel, a 1.6% increase from the week prior. Early week fear about the potential results of the OPEC+ meetings turned into market gains from the brokered deal and rising hopes of a new US stimulus package. Meanwhile, a warm weather forecast for December and a smaller than anticipated inventory withdrawal caused natural gas futures to fall 11% from the previous week to settle at $2.54/MMBtu last Friday. As of November 27, gas inventories decreased 1 Bcf week-over-week moving total stockpiles to 3,939 Bcf.

NOVEMBER 23 - 27, 2020

Crude oil prices ended Friday at $45.53/barrel, an 8% increase from the week prior. Though rising coronavirus cases continue to dampen demand outlook, continued progress on three potential vaccines led to a fourth straight week of increases. A cooler national weather forecast and elevated LNG exports caused US natural gas futures to rise 7% from the previous week to settle at $2.84/MMBtu last Friday. As of November 20, gas inventories decreased 18 Bcf week-over-week to bring total stockpiles to 3,940 Bcf.

NOVEMBER 16 - 20, 2020

Crude oil prices ended Friday at $42.15/barrel, a 5% increase from the week prior. Though continued rising coronavirus cases are dampening demand outlook, hope due to vaccine developments pushed prices to a weekly gain. Meanwhile, a warm national weather forecast and a larger than anticipated inventory gain caused natural gas futures to fall 10% from the previous week to settle at $2.65/MMBtu last Friday. As of November 13, gas inventories rose 31 Bcf week-over-week to bring total stockpiles to 3,958 Bcf.

NOVEMBER 9 - 13, 2020

Crude oil prices ended Friday at $40.12/barrel, an 8% increase from the week prior. Though rising coronavirus cases are dampening the demand outlook, hope for a vaccine breakthrough pushed prices to a weekly gain. Natural gas futures rose 3% from the previous week to settle at $2.96/MMBtu on Friday. High demand for exports and a slightly colder national weather forecast for the Northeast and Midwest caused prices to rally this week.

NOVEMBER 2 - 6, 2020

Crude oil prices ended Friday $37.41/barrel, a 4.5% increase from the week prior. Prices rose earlier in the week due to a proposed delay in OPEC supply increases. Coronavirus fears subdued the spike but prices still held on to an overall increase for the week. Natural gas futures fell 8% from the previous week to settle at $2.88/MMBtu last Friday. The decrease was spurred by unseasonably warm temperatures that reduced residential US heating demand for the fuel. As of October 30th, gas inventories fell by 36 Bcf reducing total stockpiles to 3,919 Bcf.

OCTOBER 26 - 30, 2020

Crude oil prices ended Friday $37.46/barrel, a 10.3% decrease from the week prior. Fears of delayed demand recovery and rising coronavirus cases are causing prices to plunge. Natural gas futures rose 13% from the previous week to settling at $3.35/MMBtu last Friday. This rise was spurred by the impacts of production shutdowns due to Tropical Storm Zeta and the growing demand for U.S. LNG exports. Gas inventories rose by 29 Bcf bringingto help total stockpiles reach to 3,955 Bcf.

OCTOBER 19 - 23, 2020

Crude oil prices ended Friday $49.85/barrel, a 2.5% decrease from the week prior. An increase in Libyan supply and poor indicators of demand recovery drove prices down. Natural gas futures rose 7% from the previous week to $2.97/MMBtu last Friday. This rise was spurred by forecasts for cooler temperatures, and a rising US LNG Export demand. Gas inventories rose by 49 Bcf raising total stocks to 3,926 Bcf.

OCTOBER 12 - 16, 2020

Crude oil prices ended Friday $40.80/barrel, a 0.7% increase from the week prior. Supply increases from Libya are entering the market as domestic demand recovery remains subdued due to rising coronavirus infections. Natural gas futures ended the week at $2.69/MMBtu last Friday, down just 2% from the previous week. This fall in prices comes as production and exports show signs of recovery following Hurricane Delta. Gas inventories rose by 46 Bcf raising total stocks to 10% above the 5-year average.

OCTOBER 5 - 9, 2020

Crude oil prices ended Friday $40.60/barrel, a 1% increase from the week prior. Prices rose early in the week as Hurricane Delta forced major shutdowns in the gulf coast, but ultimately fell as a strike shutting Norwegian oil fields ended. Natural gas futures ended the week at $2.75/MMBtu last Friday, up 13% from the previous week. Futures spiked Friday in anticipation of Hurricane Delta making landfall over the weekend. Gas inventories rose 75 Bcf raising total stocks to 11% above the 5-year average.

SEPTEMBER 28 - OCTOBER 2, 2020

Crude oil prices ended Friday $37.05/barrel, a 7.8% decrease from the week prior. Weak demand, steady supply, and fears over coronavirus dragged prices down this week. Natural gas futures ended the week at $2.44/MMBtu last Friday, up 14% from the previous week. Mixed forecasts are expected to limit heating demand across the US through mid-October. Gas inventories remain 12% above the 5-year average.

SEPTEMBER 21 - 25, 2020

Crude oil prices ended Friday $40.25/barrel, a 2.1% decrease from the week prior. Prices fell sharply early in the week as part of a larger equity selloff and some fear quarreling in OPEC but leveled out later on as talks of another stimulus bill began in the U.S. Natural gas futures rose slightly to $2.13/MMBtu on Friday, up 4% from the previous week. Traders took their cue from forecasts for cooler temperatures on the East Coast for the coming weeks. According to the EIA, US inventories are 12% above the five-year average.

SEPTEMBER 14 - 18, 2020

Crude oil prices ended Friday $41.11/barrel, a 10% increase from the week prior. Prices soared to recover from last week’s tumble as Saudi Arabia took a strong stance on supply cuts. Natural gas futures fell for a third straight week to $2.05/MMBtu on Friday, down 10% from the previous week. Mild weather conditions helped trigger this price drop. The EIA reported that gas inventories remain 13% above the five-year average.

SEPTEMBER 7 - 11, 2020

Crude oil prices ended Friday $39.77/barrel, a 7.5% decrease from the week prior. Prices fell as OPEC supply increases, both scheduled and unexpected, and demand remains subdued. Natural gas futures fell to $2.25/MMBtu on Friday, down 15% from the previous week. This weekly price drop – the largest since March – was triggered by forecasts for mild weather. The EIA reported gas inventories remain 13% above the 5-year average.

AUGUST 31 - SEPTEMBER 4, 2020

Crude oil prices ended Friday $39.77/barrel, a 7.5% decrease from the week prior. Prices fell as OPEC supply increases, both scheduled and unexpected, and demand remains subdued. Natural gas futures ended the week at $2.59/MMBtu on Friday, down 3% from the previous week. Forecasts for cooler temperatures through early September are expected to decrease power plant fuel demand across the US. EIA storage data estimates gas inventories are 13% above the 5-year average.

AUGUST 24 - 28, 2020

Crude oil prices ended Friday $43.09/barrel, a 1.8% increase from the week prior. Prices managed to climb slightly as petroleum infrastructure in the gulf avoided major damage from Hurricane Laura, and domestic crude reserves continue to fall. Natural gas prices jumped 8.5% to $2.66/MMBtu last week. Hurricane Laura put upward pressure on the market throughout the week, impacting U.S. gas production and refinement operations. Meanwhile, EIA data showed gas storage at 15% above the 5-year average for the sixth week in a row.

AUGUST 17 - 21, 2020

Crude oil prices closed Friday at $42.30/barrel, a 0.7% increase from the week prior. Prices managed to rise slightly at the end of the week despite declining economic activity in Europe and Asia and continued spread of coronavirus. Natural gas prices rose 4% last week, trading at $2.45/MMBtu on Friday. The rise in prices comes as two tropical storms systems approach the Gulf Coast. Gas inventories held at 15% above the 5-year average for the fifth week in a row.

AUGUST 10 - 14, 2020

Crude oil prices ended Friday $42.01/barrel, a 1.9% increase from the week prior. Prices rose this week as EIA reported large stock draws and a slight increase in gasoline demand, though US-China tensions and continued coronavirus spread have dampened outlook. Last week, natural gas prices rose 4% ending at $2.34/MMBtu on Friday. This rise in prices comes alongside forecast for hot weather across the West Coast. Gas inventories remain around 15% above the 5-year average for the fourth week in a row.

AUGUST 2 - 6, 2020

Crude oil prices rose 2.4% last week as early jumps on signs of economic recovery and reaction to a major explosion in Beirut were pared by late week indications of renewed tensions between China and the US. Gas prices surged 20% ending the week at $2.21/MMBtu Friday. This rise was spurred by forecasts for hot weather across the US. Gas inventories held at 15% above the 5- year average on after a larger than expected storage gains.

JULY 27 - 31, 2020

Crude oil prices ended Friday $40.18/barrel, a 2.6% decrease from the week prior. Mid-week gains following large stock draws were overcome by a steep decline fueled by news of economic contraction in the U.S. Following a midweek surge Natural Gas prices fell to $1.81/MMBtu Friday following news of larger than expected storage injections. Gas inventories climbed to 15% above the 5-year average despite sustained heat across the U.S. Analysts project cooler temperatures could suppress demand through early August.

JULY 20 - 24, 2020

Crude oil prices ended Friday $41.11/barrel, a 1.3% increase from the week prior. An early week rise on news of EU stimulus measures was mitigated by bearish fundamentals indicators from the US and OPEC. Natural gas prices rose 5% last week to $1.81/MMBtu as hot weather sent power burn demand to new records. Inventories remain well above typical levels, however, and demand could slacken again as states renew efforts to limit the COVID-19 outbreak.

JULY 13 - 17, 2020

Crude oil prices ended Friday $40.59/barrel, a 0.1% increase from the week prior. Prices rose mid-week following the cooling of tensions between the U.S. and China and large domestic stock draws, but fell after lukewarm demand figures reported by the EIA and promises of increased global supply from OPEC. August natural gas futures ended the week trading at $1.72 /MMBtu, down 6% week-over-week as surging COVID-19 cases threated extended shutdowns across the continental US. Storage injections totaled 45 Bcf for the week of July 10th, raising total working gas in storage to 3,178 Bcf, 16% above the 5-year average.

JULY 6 - JULY 10, 2020

Crude oil prices dropped less than 1% last week, as positive news of COVID-19 treatments buoyed markets on Friday. Prices fell earlier in the week following news that various outlets would ramp up crude production in the coming months. August futures ended the week trading at $1.81 /MMBtu, up 4% week-over-week as rising temperatures boost demand for electricity generation. Storage injections fell short of expectations for the week of July 3rd, but storage remains 17% above the 5-year average.

JUNE 29 - JULY 3, 2020

Crude oil prices ended Friday at $40.65/barrel, a 5.6% increase from the week prior. July natural gas futures expired Tuesday at $1.75/MMBtu. August Futures ended the week trading at $1.73/MMBtu, up 15% week-over-week. Storage injections totaled 65 Bcf for the week of June 26th, leaving total working gas in storage 18% above typical levels.

JUNE 22 - JUNE 26, 2020

Crude oil prices ended Friday $38.49/barrel, a 3% decrease from the week prior. Natural gas July futures ended the week at $1.50/MMBtu, down 10% week-over week. Storage saw the largest June gain since 2003, leaving inventories 18% above the 5- year average.

JUNE 22 - JUNE 26, 2020

Crude oil prices ended Friday $38.49/barrel, a 3% decrease from the week prior. Natural gas July futures ended the week at $1.50/MMBtu, down 10% week-over week. Storage saw the largest June gain since 2003, leaving inventories 18% above the 5- year average.

JUNE 8 - JUNE 12, 2020

Crude oil prices ended Friday $36.51/barrel, a 7.6% decrease from the week prior. OPEC+ has promised continued cuts; however, demand recovery remains slow. Natural gas July futures ended the week at $1.73/MMBtu, down 3% week-over week. Storage injections reached 93 Bcf for the week of June 5th, increasing total working gas in storage to 2,807 Bcf, 18% above the 5-year average.

JUNE 1 - JUNE 5, 2020

Crude oil prices ended Friday $39.55/barrel, an 11% increase from the week prior. Prices rose after tensions between OPEC and Iraq eased later in the week. Natural gas July futures ended the week trading at $1.80/MMBtu, down 3% week-over-week. Storage injections exceeded 102 bcf for the week of May 29th, raising total working gas in storage to 2,714 Bcf, 18% above the 5-year average.

MAY 25 - MAY 29, 2020

Crude oil prices on Friday were $35.49/barrel, a 7% increase from the week prior. There was a price dip mid-week following reported U.S. stock increases, however the market recovered after news of renewed commitments to cut production among OPEC+ producers. June natural gas futures expired Wednesday at $1.72/MMBtu. July futures ended the week trading at $1.85/MMBtu, up 6.8% week-over-week. As of May 22nd, total working gas in storage was 2,612 Bcf, 20% above the 5-year average.

MAY 18 - MAY 22, 2020

Crude oil prices on Friday were $33.25/barrel, a 13% increase from the week prior. This continues the longest streak of gains in over a year, spurred by production cuts and U.S. stock draws. For natural gas, June futures settled at $1.73/MMBtu on NYMEX Friday, up 5.2% week-over-week. Storage injections exceeded 81 Bcf for the week of May 15th, raising total working gas in storage to 2,503 bcf, 19% above the 5-year average.

MAY 11 - MAY 15, 2020

Crude oil prices on Friday were at $29.43/barrel, a 25% increase from prices a week prior of $23.55/barrel. This continues the gains seen over the past few weeks, following unexpected stock draws and increased demand for gasoline as stay-at-home orders are slowly lifted. June natural gas futures settled at $1.646/MMBtu on NYMEX Friday, down 9.7% week-over-week. Storage injections were 103 Bcf for the week of May 8th, raising total working gas in storage to 2,422 bcf, 20% above the 5- year average.

MAY 4 - MAY 8, 2020

Crude oil prices on Friday were at $23.55/barrel, a 25% increase from just a week prior. Oil prices have continued their gains from the week prior as the oil markets are starting to see a rebound in demand globally. June natural gas futures settled at $1.823/MMBtu on NYMEX Friday, -3.5% week-over-week, after rising to $2.134/MMBtu on Tuesday. Storage injections were 109 Bcf for the week of May 1st, 47% greater than the 5-year average of 74 Bcf.

APRIL 27 - MAY 1, 2020

Crude oil prices on Friday were at $18.84/barrel, a 14.2% increase from just a week prior. Upward price pressure is attributed to OPEC+ cuts officially beginning on Friday, as well as some economic data showing hints of a recovery. June natural gas futures settled at $1.89/MMBtu on NYMEX Friday, +8.2% this week. Storage injections were 70 Bcf the week of April 24th bringing the total storage inventory volume to 2.2 Tcf, 20% above the 5-year average.

APRIL 20 - APRIL 24, 2020

Crude oil prices on Friday were at $16.94/barrel, a 14.7% drop from just a week prior. Prices were volatile over the past week as the oil market grappled with its first encounter of negative WTI oil prices. May natural gas futures settled at $1.746/MMBtu on NYMEX Friday, erasing earlier weekly gains. Storage injections were 43 Bcf the week of April 17th and are expected to increase in the coming weeks, following the seasonal trend.

APRIL 13 - APRIL 17, 2020

Crude oil prices on Friday were at $19.87/barrel, a 20.8% drop from just a week prior. Prices plummeted over the past week despite OPEC+ coming to an agreement to cut production by 10M+ barrels/day. Natural gas prices were down and then up last week, ultimately May futures settled at $1.753/MMBtu on NYMEX Friday, a 1.2% weekly gain. Storage injections were 73 Bcf the week of April 10th, matching the 5-year maximum for the week.

APRIL 13 - APRIL 17, 2020

Crude oil prices on Friday were at $19.87/barrel, a 20.8% drop from just a week prior. Prices plummeted over the past week despite OPEC+ coming to an agreement to cut production by 10M+ barrels/day. Natural gas prices were down and then up last week, ultimately May futures settled at $1.753/MMBtu on NYMEX Friday, a 1.2% weekly gain. Storage injections were 73 Bcf the week of April 10th, matching the 5-year maximum for the week.

MARCH 30 - APRIL 3, 2020

Crude oil prices closed at $25.32/Barrel on Friday, up roughly 12% from just one week before. Oil prices have been slowly climbing as China has been buying cheap oil to store in its national reserves. May natural gas futures fell to $1.549/MMBtu last week amid record unemployment claims and decreased demand. Prices recovered on Friday, settling at $1.621/MMBtu on NYMEX, down 1% from the previous week.

MARCH 23 - 27, 2020

Crude oil prices closed at $22.60/Barrel on Friday, down only slightly from $22.63/barrel a week ago. The primary driver behind this depressed market continues to be declining demand as a result of COVID-19 compounded by a flood of Saudi oil into the market. Natural gas prices fell to 25-year lows last Monday but gained a net 2.4 cents settling at $1.626/MMBtu on NYMEX Thursday. Storage withdrawals were bearish, and net injections are expected this week.

MARCH 16 - 20, 2020

Crude oil prices continued to slide late last week, with WTI prices hitting $22.63/Barrel, driven largely by economic concerns surrounding the COVID-19 outbreak. Natural gas prices dropped last week with declining demand as a result of schools and businesses closing to manage the spread of coronavirus. April futures settled at $1.604/MMBtu on NYMEX Wednesday, the lowest settlement price since September 1995.

MARCH 9 - 13, 2020

Crude oil prices plummeted last week, with WTI hitting $32.98/BBL as the coronavirus interrupted supply chains and economic activity around the globe. Adding to that downward pressure is the clash between Saudi Arabia and Russia. Meanwhile, natural gas prices see-sawed last week, gaining 9.4% and settling at $1.869/MMBtu on NYMEX on Friday. Declining oil prices and resulting declines in associated gas production are expected to boost prices, as mild forecasts and coronavirus continue to put downward pressure on prices.

MARCH 2 - 6, 2020

Crude oil prices remained in disarray on Friday, with WTI at $45.88/Barrel. As has been the trend for nearly two months now, the spread of the coronavirus has suppressed oil demand as many supply chains and factories have been halted due to the virus’ impact on their workforces. Natural gas prices rose to $1.827/MMBtu on Wednesday but declined later in the week settling at $1.708/MMBtu on NYMEX on Friday. Mild forecasts and the coronavirus outbreak are driving concerns about declining demand domestically and globally.

FEBRUARY 24 - 28, 2020

Crude oil prices slid last week to the lowest level in over a year as the coronavirus continues to hammer markets. The 16% weekly drop is the worst since December 2008, and WTI crude fell below the $45/barrel mark. Natural gas futures contracts for March expired last Wednesday settling at $1.821/MMBtu on NYNEX, the second lowest March settlement price in 10 years. LNG exports fell last week as demand for the commodity in Europe declines.

FEBRUARY 17 - 21, 2020

WTI crude oil prices on Friday, February 21 edged up week over week to $53.38/BBL, up from $52.05/BBL. Prices remain depressed from a decline in economic activity in Asian countries, specifically China, as a result of the spread of the coronavirus. Natural gas prices gain 4% last, settling at $1.905/MMBtu on NYNEX on Friday. A Spanish buyer canceled LNG cargoes from a US supplier last week, raising concerns about exports amid the global LNG glut.

FEBRUARY 10 - 14, 2020

WTI crude oil prices on Friday, February 14 remained depressed at $52.05/BBL, up from $50.32/BBL a week prior, but down from the $58.54/BBL (down 11.1%) price seen just a month earlier. Meanwhile, despite intra-week gains, natural gas prices ended the week down 1%, settling at $1.837/MMBtu on NYMEX Friday. Storage draws were 115 Bcf for the week of Feb 7, slightly lower than the 5-year average.

FEBRUARY 3 - 7, 2020

Crude oil prices dropped for the fifth consecutive week, dropping another 2.4% week-over-week, as the coronavirus outbreak continues to pressure prices. Natural gas prices gained 1% last week, settling at $1.858/MMBtu on NYMEXX Friday. Overall, prices are still suppressed by meager demand. Global LNG prices plummeted this week as China’s economy stalled due to the Coronavirus outbreak.

JANUARY 27 - 31, 2020

WTI Crude oil prices continued their decline on Friday, dropping another 4.9% week-over-week to $51.19/BBL. The primary and growing driver behind this prolonged drop in prices has been concerns surrounding the Coronavirus. Natural gas prices remain below $2.00/MMBtu. February futures contracts expired on Wednesday, settling at $1.877/MMbtu. Storage withdrawals exceeded the 5-year maximum at 201 Bcf.

JANUARY 20 - 24, 2020

WTI Crude oil prices plummeted on Friday, dropping to $52.89/BBL on Friday, losing another 9.6% from a week prior. Recent factors driving this decline include calming of geopolitical tensions, fears surrounding the impacts of the coronavirus, and growing concerns of global oversupply. Natural gas prices dropped below $2.00/MMBtu last week and continued to decline, settling at $1.893/MMBtu on Friday. Total storage inventory volumes were 2,947 Bcf, 9% higher than the 5-year average.

JANUARY 13 - 17, 2020

WTI Crude oil prices continued to slide on Friday, dropping to $58.54/BBL on Friday, losing another 0.9% from the week prior. Despite optimism surrounding U.S. – China trade resolutions on the horizon, prices dropped as a result of growing concerns of global oversupply. Natural gas intraday prices dropped below $2.00/MMBtu on Friday, settling at $2.003/MMBtu. Storage withdrawals were larger than expected at 109 Bcf, but still well below normal.

JANUARY 6 - JANUARY 10, 2020

WTI Crude oil prices plummeted to $59.07/BBL on Friday, losing 6.3% after hitting its 8-Month high the week before ($63.05/BBL). The primary driver behind the decline was easing of tensions between the U.S. and Iran, which had caused prices to sharply increase a week prior. Despite bearish storage draws, natural gas prices ended last week up 3.4%, settling at $2.202/MMBtu on Friday. Storage withdrawals were just 44 Bcf for the week of January 3rd, the lowest since 2006.

DECEMBER 30, 2019 - JANUARY 3, 2020

WTI Crude oil prices sharply rose on Friday to $63.05/Barrel, up 2.2% from a week prior. Sparking this sudden increase was a U.S. drone strike which killed a top Iranian General, igniting tensions in the region. Meanwhile, natural gas prices fell the first week of 2020, settling at $2.13/MMBtu on Friday, with expectations of mild temperatures across most of the country. Storage draws were 58 Bcf, on the lower end of the 5-year range.

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