WCU: Crazy week in oil and gas
The energy sector commanded much attention this past week as prices fluctuated wildly, with crude oil suffering its biggest one-day slump in three years and natural gas experiencing a major rout.
Head of Commodity Strategy, Saxo Bank Group
UPDATE: Crude oil and products continue lower following a bearish EIA report. Crude oil stocks jumped by 6.8m barrels due to a 1.3m b/d pick up in net imports.
Support came from continued strong refinery demand which reached a record 18m b/d. Stocks at Cushing rose by 1.6m barrels, the first rise in 13 weeks while production was adjusted higher by 100,000 (rounding) to 10.9m b/d.