Crude Oil Crude prices reacted to strong product draws to settle at new highs for the quarter. Brent settled $ 1.15 higher at $ 56.29/bbl, while WTI ended 93 cents higher at $ 50.51/bbl The markets shrugged off what could be considered as bearish data from the DOE to settle sharply higher as the huge product draws brought stocks below 2015 levels. DOE Data The DOE data showed huge draws in products and a disappointing…
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Crude Oil Crude prices retreated from last week’s highs on Monday. Brent settled 34 cents lower at $ 55.14/bbl, while WTI ended 43 cents lower at $ 49.48/bbl The easing could be due to profit taking ahead of Friday’s OPEC meet to review the production cut status as also DOE data expected tomorrow. API Data The API report was rather bullish as crude inventories rose less than expected and product inventories drew more than expected…
Read MoreCrude Oil Crude prices ended the day marginally changed from Friday’s close. While Brent settled 14 cents lower at $ 55.48/bbl, WTI ended 2 cents higher at $ 49.91/bbl While the market expects crude stockpiles to build, product stockpiles would be expected to drop further even as more refineries return on stream. US crude production is also expected to rise to 6.09 mb/d as per the latest report released by the EIA As per CFTC…
Read MoreCrude Oil Crude prices reacted positively to the release of rig count numbers by Baker Hughes to finish the week near the weekly highs. Brent settled up 15 cents at $55.62 /bbl while WTI settled unchanged at $49.89 a barrel. Baker Hughes showed that oil rig count in the US (an early indicator of future output) decreased by 7 to 749 last week, currently down by 20 from recent peak of 769. In other news,…
Read MoreCrude Oil Crude oil prices continued to rise amid strengthening market belief that stocks will rebalance very soon. Brent settled up 31 cents at $55.47 /bbl while WTI rose by 59 cents/bbl to settle at $49.89 /bbl. The price rise was helped by a weakening dollar which makes purchasing of crude cheaper. This morning, North Korea has fired another missile, this time over Japanese air space. The world cannot help but be concerned of the…
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