Oil Prices Daily 9.6.16 - Oil prices up $.39 or .9% to $44.83

Oil prices daily podcast discusses all of the news, events, and trends influencing oil prices each day.

Here is the oil prices daily podcast episode for 9-6-16.

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Transcript

Hi and welcome to the oil prices daily. Looking forward to another discussion at the latest news, events and trends influencing oil prices. This episode is brought to you by EKT Interactive’s Oil 101, a free introduction to the oil and gas industry. Oil 101 covers all the industry basics from microbes to markets gets you up to speed fast. So go to www.ektinteractive.com to learn more.

OK, so let’s recap what happened here today in the oil prices for September six, 2016.

October crude oil was up thirty nine cents or point nine percent in some 44.80 three volume was pretty strong with one point 4,000,000 crude oil futures contracts changing hands. Now if you look at the intraday chart, prices fell from yesterday’s levels on disappointing high. Some data in the morning and really a lack of convincing comment from OPEC and Russia. Of course, as we all know, everybody’s looking for talks on the output freeze out of Russia and uh, out of OPEC with Russia. Cooperating on that.

Now, if you’ve been reading my newsletter for awhile, you know that I just believe this is all just talk, talk, talk. Here we go again, I can’t believe after a whole summer we’re still talking about this, but it works. Talks to the output freezes, um, you know, OPEC production is at all time highs and generally believed to be at the top of what is even possible. Um, it really depends on what they do with Iran and other members of OPEC. So we’ll see what happens there. Course, a balancing of the global supply demand picture will not really resolved from action here if it’s just Saudi Arabia and Russia really has to do with some of the other players.

So some of the most interesting stories I saw today, you know, again, kind of on the same topic with OPEC going full tilt. The other large producers are really the ones to watch. And there was a good story out of barrons can look to China, not OPEC as to China’s big three producers see note Petrochina and Sinopec have really been trimming production at a faster rate than expected. Of course, the links to that or in the newsletter, and we’ll throw them in the show notes as well.

Now, one of the really most interesting things I saw putting together today’s newsletter after taking the summer off was, you know, looking at the section of the crude oil spread settlements, these red d’s that d’s 2016 versus December 2017 contract spread. Why now to over $4 and that was under a dollar at the beginning of the summer. I think what that goes to show here is that really there’s a lot of conviction in the market that oil will be stronger through 2017. If you look at the curve, you know, prices back that far above $50, you know, they’re not really pulling back on the way down and that spread is just going to continue to widen.

So short term know spread is telling you short term over supply, letting, um, possibly to a balance at the, uh, you know, as we get through next year. So that’s something to keep an eye on. And again, one of the most interesting things after taking a little time off and get some perspective there. So remember, you know, let us 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. You can sign up for the newsletter there. Of course you can sign up for our short recap podcast right here on itunes. All right, thanks again. See you next time.

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