U.S. crude sinks 7% to lowest in a year; nat gas climbs to four-year high
Seeking Alpha
Published Nov 13, 2018 03:41PM ET
U.S. crude sinks 7% to lowest in a year; nat gas climbs to four-year high
- Crude oil settles at its lowest in a year, with December WTI -7.1% to $55.69/bbl and extending its record losing streak into a 12th consecutive session while Brent recently was -6.6% to $65.47/bbl and its lowest level since March.
- Both WTI and Brent have fallen more than 20% from their four-year highs last month, putting them in bear market territory.
- With today's losses, the S&P 500 energy sector is down 14% since the start of October while WTI crude futures have plummeted 28% from their Oct. 3 high.
- "There has been a sea change in sentiment," says Again Capital's John Kilduff. "We just flipped supply-wise almost on a dime. It looks like a glut situation."
- The latest catalyst for crude's plunge was OPEC's monthly report that said production from the cartel and Russia had continued to climb in October, more than offsetting losses from Iran.
- Meanwhile, U.S. natural gas futures extend their recent surge, surpassing $4/MMBtu to their highest since 2014, as cold weather forecasts continue.
- ETFs: USO, UNG, XLE, OIL, UGAZ, UWT, DGAZ, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, BOIL, GASL, FCG, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, KOLD, DRIP, IEO, FIF, UNL, GASX, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, DCNG, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, GAZB, USOD, FTXN, JHME, ERYY, ERGF, OILD, OILU, USAI
- Now read: Natural Gas Heads Lower As Stocks Favor Another Bounce
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