Crude ended the almost unchanged after see sawing through the day. Brent settled 6 cents higher at $57.88 /bbl while WTI gained 1 cent to settle at $ 51.88 /bbl.
The absence of any fresh news in either direction, confirmed what we said yesterday i.e. a lot more is required to push crude oil prices higher. The huge crude draw in the API data could act as a trigger though they would need to be confirmed by the DOE
The API data released yesterday showed that crude stocks had dropped by 7.13 million over the last week. Both gasoline and distillates however, reported a build of 1.94 million barrels and 1.64 million barrels respectively.
While the API draw is huge, a part of it may well be compensation for the build reported by it last week as compared to a draw reported by the EIA. Once that is taken into account, the builds in products are arguably a bit bearish.
Due to Singapore being closed today for the Diwali Holiday, there is no commentary on the products markets.
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We hope you have a great festival season.
About this blog
This blog post attempts to give a top level summary of the Singapore market goings on to a person who seeks to obtain a directional sense of the market on a daily basis.
Disclaimer : All the views are the author’s personal views. These do not constitute an advice to buy or sell any commodity