Crude Oil Ends Winning Streak

Crude Oil Ends Winning Streak
Nevertheless, there's evidence that bullish sentiment is growing in the oil market.

Since Jan. 2, the first trading day of 2019, crude oil prices have consistently risen day-on-day. That winning streak ended  Friday.

West Texas Intermediate (WTI) crude oil for February delivery lost $1 Friday, settling at $51.59 per barrel. Despite Friday’s dip, however, the WTI is up 7.6 percent against the Jan. 4 settlement. The benchmark traded within a range from $51.18 to $53.31 during Friday’s session.

The March Brent crude oil contract, which fell $1.20 Friday, ended the day at $60.48 a barrel. For the week, the Brent is up 10.1 percent.

Friday’s results cap off a week of widely disseminated reports – in Rigzone and elsewhere – providing evidence that market sentiment is growing more bullish. Below are several examples posted to Rigzone since Monday:

Reformulated gasoline (RBOB) futures also lost momentum Friday, losing 3 cents to settle at $1.40 per gallon. Since Jan. 4, however, the February RBOB contract price has gained 3.7 percent overall.

Unlike the above energy benchmarks, Henry Hub natural gas futures ended the day higher. The February gas futures price gained 13 cents Friday to settle at $3.10. For the week, natural gas is up nearly 2 percent.


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