Prices Sag As The Rally Ends Crude prices aren’t expected to have an uptick for several months, but prices shouldn’t get much lower.

摘要

NGL prices fell this week as the crude price rally looks to have ended with West Texas Intermediate (WTI) prices falling two straight weeks, ending the week at about $45 per barrel (/bbl). Unfortunately, it appears unlikely crude prices will have much of an uptick for the next several months. The good news is that prices aren’t expected to drop much lower. “Crude markets have shifted to the ‘sell the rally mode’ as fears build that extremely high crude and product inventories will not subside this summer before the shoulder demand period begins in September. In the short-term there are no bullish catalysts to drive oil prices higher,” En*Vantage said in its July 14 Weekly Energy Report.