Crude Oil As we had remarked yesterday, crude levels did appear attractive to buyers as they pushed up crude on the possibility that OPEC may well cut production. The rationale for this is as follows (not our rationale) OPEC will never come to an agreement so far away from an agreement date All players have reported record levels of production. Some analysts say that there may even have been double counting by them. This will…
Read MoreCrude Oil Crude continued its bearish slide, but the frightfully low levels Brent saw ($ 43.57/bbl) seemed to have kicked in some buying as traders saw value. Brent finally settled at $ 44.43 /bbl a drop of 32 cents / bbl. WTI settled at $43.32 /bbl, 19 cents lower on the day. Analysts believe that immediate support for crude can only come from a concerted effort by OPEC to rein in production. We need to…
Read MoreCrude Oil Crude gave up over 1$ / bbl in value as Brent settled at $ 44.75/bbl while WTI settled at $43.41/bbl. This was in the wake of a report of record production in October casting further doubts on the ability of OPEC to adhere to the proposed controls. IEA reported that global supply in October rose by 800,000 bpd to 97.8 million bpd It was further abetted by a strong $ rebounding after any…
Read MoreCrude Oil Oil markets gave up some of their euphoria based gains yesterday. Brent settled at $ 45.84/bbl down 52 cents, while WTI settled at $44.66/bbl down 51 cents. The outlook for crude remains bleak for now. Nevertheless, we still expect to see an uptick by the end of the year. This will be aided by a strong winter. Naphtha The Naphtha market seems to be showing signs of greater availability of supplies going…
Read MoreCrude Oil A story of “All is quiet on the western front” Crude stayed balanced yesterday inspite of another huge build in crude stocks (4.4 million barrels) reported by API in anticipation of a Clinton victory. As these hopes faded it dropped to about $1 /bbl lower. As the markets began to cheer a Trump win crude oil too rose to settle at $46.36/bbl (Brent) and $ 45.27 /bbl (WTI) a rise of 32 cents…
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