Crude Oil: rose to their highest levels since March, with WTI nearing $45 and Brent topping $47. Oil prices surged on the potential for a third highly-effective coronavirus vaccine. Also, the seeming end of the election drama also boosted sentiment, as investors hoped for more stimulus under the Biden administration. “By some time in the middle of next year, the economic environment should really move quite rapidly toward normalization, which ultimately means that demand for petroleum products should start to recover,” Bart Melek, head of global commodity strategy at TD Securities, told Bloomberg.
Prices need to get “above $45/bbl for completion of drilled-but-uncompleted (DUC) wells, and we need to see $55/bbl oil, in general, to drill new wells and complete them,” Lynn Helms, director of North Dakota’s Department of Mineral Resources said, according to NGI.
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