WTI Crude Oil recap for 18.09.2015
One of the biggest losers and with the sharpest decline yesterday was Oil. Crude opened at 47.15 and didn't made any significant move up only to find itself crashing $2.42 on the barrel to 44.61 and closing at 45.21. The price landed on the daily uptrend, broke it for a moment and closed right on top of it. I assume the price will brake it next week dropping down 44.14 and opening the way to 39.51. The price yesterday was strongly influenced by the unchanged infltion data, core cpi and cpi from Canada and the US Baker Hughes oil rig count coming in at 644 vs 652 prior.
- Prior was 652
- Natural gas rig count 198
- Prior natural gas rig count was 196
- Total rigs 842
- Prior total was 848
It's the second week in a roll with a decent-sized decline in US active rigs. With that noted, US rigs are down more than 50% from this time last year and still production is very higher.