Oil Prices Continue To Retreat

Energy stocks are mixed as broader markets advance and as oil pricescontinue to retreat.  The US dollar hit a three-week high against the Japanese yen, strengthened ahead of the outcome of the Federal Reserve meeting later today, which is expected to result in another interest rate hike.

Crude oil prices are continuing to decline ahead of next week’s OPEC meeting after Russia and Saudi discussed various scenarios for increasing output including returning to October 2016 quotas or a one-time increase.  Additionally, bearish expectations ahead of today’s inventory report also fueled selling after API reported a large rise in crude oil inventories of 830 barrels despite expectations for a draw.  The IEA Monthly Report was released today and showed strong global demand growth, but noted that the world could face a large supply gap late next year if OPEC cannot cover any supply shortfalls (Iran/Venezuela).

Natural gas futures are higher on expectations for a storage draw in Thursday’s report…

 

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