9/23: (6:30 pm) WTI Down Almost 6%, Succumbing to a Downturn in Equities Markets and a Negative Economic Outlook

It was a bad day for most markets on Friday, with the Dow Industrial Average hitting the lowest level this year, sucking down energy markets along with it.  WTI settled at $78.74/bbl, the lowest level since January 10, 2022, off $4.75/bbl.  The market is focused on rising interest rates, a negative economic outlook, and the strongest dollar in 20 years.  

Natural gas was also down on Friday, with the October Henry Hub contract off $0.261/MMbtu to settle at $6.828/MMbtu.  The price pressure was attributed to bearish EIA stats on Thursday, continued strong production and domestic demand starting to wane as the summer heat finally starts to dissipate in some parts of the country.   Sympathy with the big move lower in crude oil markets also contributed to the bearish sentiment.