Crude Oil Brent Crude finally found support at the psychological level of $ 50/bbl in the face of bearish DOE data yesterday. It settled at $ 50.64 / bbl, down 32 cents after hitting a low of $ 49.71 /bbl during the session.. WTI settled at $ 48.04 /bbl., a drop of 20 cents. The session low for WTI was $ 47.01 / bbl As we have been saying for some time, the only event that…
Read MoreCrude Oil The bulls fought a losing battle against the shadow of excess stocks looming over the US yesterday. Brent lost 66 cents to close at $ 50.96 / bbl. The expiring WTI futue lost 88 cents to settle at $ 47.34 /bbl. The May future, which becomes front month today, settled at $ 48.24 /bbl. API data reported that Oil stocks had increased by 4.5 Million barrels to 533.6 Million barrels. Gasoline stocks dropped by…
Read MoreCrude Oil Crude were extremely well supported during the trading day yesterday notwithstanding the fact that prices settled marginally lower. Brent lost 14 cents to close at $ 51.62 / bbl. WTI lost a lot more, i.e. 56 cents to settle at $ 48.22 /bbl. This is probably due to the fact that the WTI front month future expires today. Markets briefly surged into positive territory on reports that OPEC increasingly favor extending cuts beyond June 2017. However, this…
Read MoreCrude Oil Crude oil futures had another lacklustre day on Friday. Brent gained 2 cents to close at $ 51.76 / bbl. WTI gained 3 cents to settle at $ 48.75 /bbl. There was no other data to assuage market fears of a limited rise in crude price, if at all. Baker Hughes data showed that 14 new rigs were pressed into service, thereby reinforcing the expectation of higher US production offsetting supply cuts. Secondly, speculators…
Read MoreCrude Oil Crude oil futures had a fairly indifferent day yesterday. Not withstanding the bullish stock data on Wednesday, Brent lost 7 cents to close at $ 51.74 / bbl. WTI too lost 11 cents to settle at $ 48.75 /bbl. In the absence of any significant fresh news to spook the markets, this small fall reflects the growing uncertainty in the market about whether a significant rally in crude can be expected and, if so, can…
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