Crude Oil Crude prices settled mildly lower yesterday. Brent fell by 24 cents to settle at $ 56.56/bbl. WTI fell by 34 cents to settle at $ 53.54 / bbl Notwithstanding the compliance with production cuts, it appears to be pretty clear that they are not likely to impact supplies in the near term. Moreover, Russia, one of the champions of the cuts, has increased exports saying that the commitment was only to cut production. However,…
Read MoreCrude Oil Crude prices rose steeply yesterday despite extremely bearish stock data from the USA. The Brent April Future (which becomes the front month today) rose by $ 1.22 cents to settle at $ 55.80/bbl. WTI rose by $ 1.07 to settle at $ 53.88 / bbl The rise in prices was due to strong reactions from a senior advisor to President Trump to ballistic tests carried out by Iran. Data released by the DOE showed…
Read MoreCrude Oil Crude prices continued their see saw yesterday. The Brent April Future (which becomes the front month today) rose by around 40 cents to settle at $ 55.58/bbl. WTI rose by $ 0.18 to settle at $ 52.81 / bbl In addition to taking a bullish view on compliance with cuts, prices were buoyed by a weak US Dollar with the EUR-USD pair trading close to 1.08. However, data released by the API appears…
Read MoreCrude Oil With very little fresh news to move markets, Brent eased a bit more by $ 0.29 to settle at $ 55.23/bbl and WTI went down by $ 0.54 to settle at $ 52.63 / bbl We present below a couple of extracts from daily and weekly technical charts (source Reuters) of the first Brent future. The daily chart (on the left) shows a…
Read MoreGong Xi Fat Cai! Best wishes for the Chinese New Year. With Singapore shut today for New Year festivities, data on products is restricted to fridays levels. Crude Oil Yesterday, we had very casually predicted a correction in crude oil prices barring any fresh news. Brent duly retracted by $ 0.72 to settle at $ 55.52/bbl and WTI went down by $ 0.61 to settle at $ 53.17 / bbl The market attributed this drop to…
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