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Energy Stat of the Week by Justin Jenkins

Energy Stat: Trump Torpedoes Near-Term Oil Price, Still on Track for $100 Brent in 2020

November 12, 2018

Camp Fire now claims nearly 30 fatalities in Butte County, according to officials in northern California. More than 4,500 firefighters are battling the flames, which consume about 111,000 acres as of yesterday. And Camp Fire is just one of three fires burning in the state, among the most destructive on record. As part of nationwide efforts to help Californians in this difficult time, Texas will send 200 firefighters and 50 types of fire engines in efforts to assist California rescue efforts. Those wishing to support rescue efforts are encouraged to consider donations to the California Wildfire Relief Fund or the Red Cross.

Energy markets slid again on Friday, as WTI and Brent fell 0.7% and 0.8% to $60.19/Bbl and $70.18/Bbl, respectively. The E&P index gained a modest 0.1% while the OSX fell 1.1%. After starting last week on a positive note, the S&P 500 was down 0.9% on the day. Ahead of the open, crude futures are up – following headlines over the weekend about a unilateral Saudi export cut – while equity futures are flattish.