Daily Energy Market Summary Oct. 1, 2020
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Started by metmike - Oct. 1, 2020, 4:35 p.m.

Daily Energy Market Summary: 360 DCB – 10/1/2020 – Hosted by Michael Tanner


Mixed bag in the markets today as major indices give traders different views of the market.  Tech-heavy index Nasdaq trade 1.5% higher on news that a revised stimulus will include direct payments which had been a boon for the Nasdaq in stimulus 1.0. While news toward the end of the session pushes other indices down, tech stocks held their ground. The weekly jobless claims report came in better than expected, however. The Labor Department said first-time filers for unemployment benefits tallied 837,000 in the week ending Sept. 26. Economists polled by Dow Jones expected a total of 850,000.

Oil and Gas News Today

Crude oil prices drop lower on news the OPEC production countries to increase, this time from Iraq. Iraq's federal oil exports remained nearly steady in September compared with August, the country said Oct.1, signaling OPEC's second largest producer may have yet again failed to implement compensation cuts to make up for overproduction between May and July. Crude oil prices were down to $38.59 as of 1:33 PM MST

Natural gas trades lower again amid a build in inventories of 76 Bcf. Natural gas prices today were $2.49

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