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Oil prices have been largely rangebound since the OPEC+ announcement that it would cut production sent prices soaring at the start of last week. While strong U.S. job growth and the resultant strengthening of the dollar took some steam out of the rally, demand optimism and Russia’s production cut helped to keep prices from falling. Investor Alert: Whether you are new to the oil and gas industry or an energy market veteran, you will regret not signing up for Global Energy Alert . Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis, and all for less than a cup of coffee per week. ADVERTISEMENT rig count Chart of the Week – Intraday prices for natural gas traded at the Permian Basin’s Waha hub went into negative territory earlier this week, with next-day supply changing hands at -$0.33 per mmBtu, Platts reports . – Natgas prices are under pressure due to maintenance at two key pipelines delivering those volumes to the coastal consumption areas, Kinder Morgan’s 2 BCf/d Gulf Coast Express and the 2.1 BCf/d Permian Highway Pipeline. – Gas producers in the Permian anticipated the outages by cutting total production by over 600 MMCf/d to 16.5 BCf/d, […]
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