Oil and Gas Market Summary 9/19/16 from OilPricesDaily.com

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Yeah, and welcome to the oil and gas podcast. Doug Stetzer here bringing you your daily recap of all the latest news, events and trends influencing oil prices. Oil prices daily is brought to you by EKT Interactive Oil 101, a free online introduction to the oil and gas industry. Join over 3,500 members in the oil, one learning community today at www.ektinteractive.com.

Alright, so let’s take a little look at what happened today with oil prices.

Monday a September 19th oil prices ended higher by twenty seven cents or point six percent to settle at 40 3:30. So this is coming on the heels of, you know, Fridays squeaker session or the [inaudible] support level was broken but not able to be settled under. Um, so it was a little bit of a question mark as to how that would follow through today. Forty $3. Looking at the daily chart is shaping up to be a pretty key support, um, you know, with $40 being the contract lows, however, um, technical momentum disrupted a bit with violence in Libya as well as of course, pretty usual chatter out of OPEC at this point. If you look at the intraday chart, you can see, um, you know, we settled on the [inaudible] of the session and well-off the highest as the market rallied early on violence affecting Livia is exports. Then you know, it Kinda just start drifting right back off towards the end of the day as people continue to wait for what’s coming out of OPEC.

So one of the things that I’ve highlighted here, no OPEC really falling back into, it’s always here if conflicting chatter, but really out of people with completely different levels of,

yeah,

credibility. So you have the OPEC secretary general saying that no decision on output will be made at this meeting. I’m quote out of the Wall Street Journal article was an informal meeting. It is not a decision making meeting. He says, so, you know, to me that is the biggest indication of what you can expect here. The fact that you have the Venezuelan prosal and President Nicolas Maduro saying that there’s a deal as eminent we’re, you know, we’re close to a deal including OPEC and non-opec members. I mean, to me that’s just total chatter. He is a completely. He completely credibility as far as any medium, any news coming out of, um, regarding this topic that might have been another reason, you know, prices are coming right back off here is that open interest is fading and people are taking off. That’s ahead of this report, whether it’s long or short

at the end of the day, not too much price movement. We’re bumping up against key support levels, conflicting news out of OPEC and you know, people are heading to the sidelines. It’s and it’s understandable. So as far as Livia, you know, libby is just really having a hard time, real challenges trying to get their production back online. The what happened was fighting started breaking out at some of their eastern oil pours today. So just as things were kind of looking good, the violence erupts and you end up kind of back where you started. So that’s just something to keep an eye on, you know, it’s definitely your back around 300,000 barrels a day. It’s just a matter of if they can keep it up. So that’s really the main two things happening today. You know, volume was pretty good. It’s still one point, 2,000,000 contracts trading, so just off to an interesting start as a, you know, again, to me the key, one of the key things here is also looking at this $43 level and whether the market is able to stay above it and uh, my opinion, it’s looking like it’s going to be a little bit difficult.

OK, well, so that is it for today. Remember those do the heavy lifting for you. Get our concise recap of all the news and events that are influencing oil prices each day by going to oil prices daily dot Com and sign up for the newsletter there. And of course you can also subscribe to this podcast on itunes. As you know, all the links to the stories that we’re referencing are in the oil prices daily newsletter.

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