Crude Oil Crude Oil gave up a little of its gains as market concerns about US production dampened fears about a shortage of supply. Brent settled at $ 55.23/bbl, a drop of 33 cents. WTI (the March future) too lost 47 cents to settle at $ 52.75 / bbl As of date, we are yet to see any significant change on the ground of the impact of production cuts. While crude stockpiles have moved slightly,…
Read MoreCrude Oil Crude Oil ended the week on a bullish note ahead of the OPEC meeting to monitor efficacy of the production cut. Brent settled at $ 55.49/bbl, a gain of $ 1.33. WTI gained $1.05 to settle at $ 52.42 / bbl Saudi officials maintained that production cuts of 1.5 million barrel have already been made, a claim they have been stoutly making since the beginning of the year. Their repeated insistence is…
Read MoreCrude Oil The strength and depth of the bullish sentiment for Crude was clearly in view yesterday when Brent posted a small gain of 24 cents to close at $ 54.16/bbl in the face of bearish stocks data from the DOE. WTI too gained 29 cents to settle at $ 51.37 / bbl Below is a representation of the data released by the DOE The fact that gasoline stocks built so much despite a drop…
Read MoreCrude Oil Crude prices underwent a massive correction yesterday. Brent lost $ 1.55 to settle at $ 53.92/bbl while WTI lost $1.40 to settle at $ 51.08 / bbl The major reason for the correction was given as a report published by the EIA suggesting that US Shale Oil production was set to significantly increase in February. Another reason given was the strengthening of the US Dollar. This is arguable as the EUR was trading at…
Read MoreCrude Oil Crude ended little unchanged yesterday as USD weakness offset scepticism about shortage of crude supply. Brent lost 37 cents to settle at $ 55.47/bbl while WTI gained 11 cents to settle at $ 52.48 / bbl The market seems to be a bit wary of such high oil prices especially as they act as a spur to increase supply (and not adhere to production cuts). Naphtha While the physical Naphtha crack settled higher…
Read More