Oil Price Digest

Crude Oil Crude Oil prices continued to climb dramatically in the wake of the political activity in Saudi Arabia.  Brent gained $ 2.20 to settle at $64.27 /bbl. WTI too gained $ 1.71 cents to settle at $57.35 /bbl. The ‘crackdown on corruption’ in Saudi Arabia is largely seen as a move by the crown prince Mohammad Bin Salman to consolidate all power to himself. This is being viewed as Saudi Arabia being likely to…

Crude Oil Crude Oil prices ended the week strongly in a firm bull grip as speculators expected supplies to become tight going forward as oil producers are expected to extend production limits beyond March 2018. Brent finished at $62.07 /bbl, up $ 1.45 for the day. WTI too gained $ 1.10 cents to settle at $55.64 /bbl. The market jumped up strongly in the last hour of trading as Baker Hughes reported a drop of…

Crude Oil Crude Oil resumed its upward climb as the front month changed for Brent. The January future, which became the front month today, settled 13 cents higher at $60.62 /bbl. WTI gained 24 cents to settle at $54.54 /bbl. The market continues to remain upbeat, particularly in the US which has led the rally in crude in almost every trading session for the last two weeks. In other news, Saudi Aramco hiked its OSPs…

Crude Oil Crude Oil snapped a 7 day winning streak to settle lower yesterday albeit marginally. Brent and WTI both gave up 8 cents each yesterday to settle at $61.29 /bbl and $54.30 /bbl respectively It is actually hard to say that yesterday was a losing day especially with the longer dated curve remaining firmly backwardated. But it basically has given a subtle message that the high crude draw is not enough to push prices…

Crude Oil Crude Oil continued its gains with Brent settling 47 cents higher at $61.37 /bbl and WTI settling 23 cents higher at $54.38 /bbl. With Brent-WTI differential at record highs in recent weeks, it became feasible for  the U.S. to export more crude. In fact, since mid 2016, U.S. crude exports have jumped to about 2 million bbls/day and production has risen by almost 13 % to 9.5 million bbls/day. In related news, China’s Sinopec…