Can Oil’s U-turn Persist?
US Crude oil
US crude oil prices rose as the diplomatic ties between Russia and Saudi Arabia reached a new high. Both these countries are among the top oil producers in the world. There was no official announcement that directly related to oil prices, but oil traders saw this as a positive development for oil prices.
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The oil rig count data and the OPEC (Organization of the Petroleum Exporting Countries) Monthly Oil Market Report, scheduled to release on October 6 and October 11, respectively, could provide an important road map for oil prices.
In the trailing week, natural gas (UNG) (BOIL) November futures fell 3.1%. On October 5, 2017, natural gas futures fell 0.6% after the EIA (US Energy Information Administration) released its inventory data.
In the week ended September 29, 2017, natural gas inventories rose 42 Bcf (billion cubic feet), or 14 Bcf lower than the market expected inventories to rise. The bearish weather forecast could be behind this latest fall in natural gas prices.