Oil Price Digest

Crude Oil Crude Oil continued its bullish run yesterday scaling greater highs with next to no news. Brent closed 46 cents higher at $60.90/bbl while WTI settled 25 cents higher at $ 54.15 /bbl. We stand by our recommendation to sell Brent Jan / Feb / March futures above $ 60 /bbl. In other news, Iraq has increased its exports from its southern fields to 3.45 mb/d to make up for the lost production from…

At first, we would like to sincerely apologize for our inability to publish the Oil Price Digest on Friday. There were truly exceptional circumstances which caused this situation. Crude Oil Crude Oil finished up, indeed spectacularly up for the third day in a row taking prices to levels not seen in a long time. Brent closed $1.14 cents higher at $60.44/bbl while WTI added $ 1.26 to settle at $ 53.90 /bbl. Yesterday’s prices are…

Crude Oil Superficially bullish DOE data seemed to push Brent up and the Brent – WTI spread wider. Brent closed 11 cents higher at $58.44/bbl while WTI finished 29 cents lower to settle at $ 52.18 /bbl. The DOE data was in rarely close conformity with the API data and the market was taken aback with the levels of draws in products. However, there were bearish elements which we shall discuss in our section on…

Crude Oil The bulls once again took charge of oil prices after some interesting forecasts by Saudi Arabia in London. Brent closed 96 cents higher at $58.33 /bbl while WTI gained 57 cents to settle at $ 52.47 /bbl. Yesterday, in a press conference, Saudi oil minister Khalid Al-Falih reiterated his countries determination to do everything within their power to bring down oil stocks nearer to the 5 year average. He said ‘all options are…

Crude Oil Oil prices had a mixed close in an uncertain market. Brent closed 38 cents lower at $57.37 /bbl while the December WTI future, which became the front month yesterday, gained 6 cents to settle at $ 51.90 /bbl. The uncertainty in Kurdistan continues to prevail although supply rose to 288 kbpd yesterday, up from a low of 216 kbpd earlier. The market also would be awaiting the API data late tonight and the…