December WTI Futures Contract Expires Today
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author)
In this week’s preview of what to watch in oil and gas markets, Rigzone’s regular energy prognosticators look at the effects of the expiring WTI futures contract, the descent of cold temperatures into a large area of the U.S., Covid-19 news from China, and more. Read on below to find out the specifics.
Rigzone: What developments/trends will you be on the lookout for this week?
Tom Seng, Director – School of Energy Economics, Policy, and Commerce, University of Tulsa’s Collins College of Business: With the December WTI futures contract expiring on Monday, the market has shifted its attention to January where prices have breached the lower end of the statistically significant Bollinger Bands. Look for some buying on a technical rebound. Cold temperatures are descending into a large area of the U.S. which will result in increased energy usage. This early winter weather could result in a strain on already low inventory levels in the future months.
Barani Krishnan, Senior Commodities Analyst at uk.Investing.com: More dire Covid news out of China, with the populous regions of Guangzhou and Chongqing now in the news for major infection breakouts.
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