Monday, 14 December 2015

Natural Gas and Crude Oil Report

Oil prices extended their freefall on Friday, flirting with 11-year lows, after the International Energy Agency (IEA) warned that global oversupply of crude could worsen next year. Brent and U.S. crude's West Texas Intermediate (WTI) futures fell as much as 5 percent on the day and 12 percent on the week as mild prewinter weather and a plummeting U.S. stock market added to the toll on oil prices.

U.S. Natural gas futures fell almost 9 percent this week after dropping below the psychologically important $2 support level on forecasts of continued mild weather that is likely to keep heating demand low through late December.

Speculators bet gas futures still have further to fall. Some of the most active American style options on the were the January puts with strike prices of $1.75, $1.90. Open interest in the contracts was near all-time highs.

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