Crude 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 MoreCrude Oil With the US closed for Martin Luther King Day yesterday, crude was generally moving within a narrow band. Brent moved up 41 cents to settle at $ 55.86 / bbl. While WTI did not record a settle, it was generally in sync. with Brent. Yesterday saw Saudi Arabia talking extensively about how it is firm on maintaining production at a lower level. The first directional data we will get will be the…
Read MoreCrude Oil Oil prices saw some more profit taking happening on the last day of the week. Brent fell by 56 cents to $55.45 /bbl and WTI fell by 64 cents to $52.37 /bbl. This week promises to have more excitement as speculation continues on the actual supplies available. On the positive side we are hearing comments that even 80% compliance by OPEC will ensure support to crude prices. Arguably even 50% is acceptable. The flip…
Read More