Crude oil futures post week-on-week losses, and natural gas posts an even bigger decline. Crude oil futures posted week-on-week losses, and natural gas posted an even bigger decline for the period. West Texas Intermediate (WTI) crude oil for January delivery lost $1.38 Friday to settle at $51.20 a barrel. Compared to the Dec. 7 settlement, the WTI is down 2.7 percent for the week. The February Brent oil futures price also declined Friday, falling $1.17 to end the day at $60.28. For the week, the Brent is down 2.25 percent. Tom Seng, Assistant Professor of Energy Business with the University of Tulsa’s Collins College of Business, said Friday that the oil price declines stem from growing concerns about global economic growth and another glut in crude stocks. “This happened despite a ‘bullish’ storage report this week that showed a drawdown inventories for the second week in a row,” said Seng, referring to the latest figures from the U.S. Energy Information Administration (EIA). Seng pointed out that the latest EIA Weekly Petroleum Status Report showed, in addition to the drawdown, the following: U.S. oil production of 11.65 million barrels per day (MMbpd) for the week ending Dec. 7, 2018 – […]
