Daily Energy Market Summary #142 – 10/21/2020
Markets chop between gains and losses as stimulus talks continued into the afternoon, with major indices flat to end the trading session. S&P 500 was up .25%, while positive SNAP earnings pump tech stocks higher at .7% for NQ. Dow Jones traded even for the session.
White House chief of staff Mark Meadows said Tuesday that Pelosi and Mnuchin have made “good progress” on stimulus talks. He added, however, that they “still have a ways to go” before an agreement is reached.
Crude oil prices fall amid reports of Libyan oil again back online after multiple fields are turned back on. Crude oil prices are trading at $40.13, down about 3% from the overnight levels. Natural gas prices spike after a reported 39 bcf draw in inventories for tomorrows EIA drop and colder weather. Prices are trading around $3.02 for the front month contract.
North American Shale News
• DOE Crude Oil Inventories: DRAW of 1mm bbl
• Baker Hughes earnings….
• Iraq plans for 7mm bbl per day by 2027
• Argentina eyes natty gas production through billions of investment
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360 News Desk: 360 News Desk: https://www.oilandgas360.com/eenfp/newsdesk/