WTI prompt futures contracts got pummeled last week, gaining a small amount back on Friday closing off $0.70 higher to settle at $46.22, although not enough to counteract last week’s losses. So here’s a recap on the events that took place: Baker Hughes reported an increase in US rig count, 7 rigs from the Permian Basin, EIA had a bearish draw less than anticipated (930k actual versus 3 million barrel forecast), OPEC producers expressed sentiments that they did not wish to increase the level of production cuts should an extension be agreed to past June, all while the Permian Basin had a tremendous quarter showing no signs of slowing down.
What’s in store for this week? We hope you had an excellent weekend and came back refreshed and ready to face the market.