WTI crude fell early but found its legs ahead of today’s delayed private inventory report. WTI sagged to as low was $76.32 but found a footing and climbed more than $1.50 to settle at $77.87.
WTI crude oil daily
The big mover in the energy space is natural gas, with the front contract up $0.19 or 12% in the best day in a month. That came after Chesapeake cut capital spending to bring production down to 2.65 billion to 2.75 billion cubic feet a day from 3.43 bcf/d in 2023.
The hope is that other US producers will follow suit and work to tighten a market that has been obliterated by over-production. For next winter, gas is pricing in the $3.50 range.
Natural gas daily