Oil Price Digest

Crude Oil Crude oil prices settled at a two-week high on Friday, as geopolitical uncertainty in the Middle East raised the threat of supply disruptions, particularly in the wake of U.S. President Donald Trump’s refusal to certify Iran’s compliance with the nuclear deal. Brent settled 92 cents higher at $57.17 /bbl. WTI gained 85 cents to settle at $ 51.45 /bbl. Both WTI and Brent posted impressive weekly gains of 4.4% and 2.8% respectively. The…

Crude Oil Bearish projections from the IEA overcame what seemed bullish US inventory data as Brent settled 69 cents lower at $56.25 /bbl. WTI too lost 70 cents to settle at $ 50.60 /bbl. While the DOE did report a larger than expected draw in crude (after the API reported a build), this was overshadowed by an IEA report which lowered its forecast for oil demand in 2018 to 325 kb/d from 540 kb/d this…

Crude Oil Oil prices continued to rise yesterday on anticipation that US stocks would fall in the wake of the shut down of facilities due to tropical storm Nate. Brent settled 33 cents higher at $56.94 /bbl. WTI rose 38 cents to settle at $ 51.30 /bbl. After trading in negative territory for most of the day, crude prices rose in the last couple of hours of trading. The only explanation for this rise seems…

Crude Oil Oil prices rose significantly yesterday after the US returned from the Columbus day holiday. Brent settled 82 cents higher at $56.61 /bbl. WTI gained $ 1.34 to settle at $ 50.92 /bbl. Markets reacted positively to the cutting of allocations by Saudi Aramco as also the impact of crude production shut down in the US Gulf of Mexico. However, the US production has commenced resumption of operations and should be back to normal…

Crude Oil Oil prices ended Monday slightly higher on the US Columbus Day holiday. Brent settled 17 cents higher at $55.79 /bbl. WTI settled 29 cents higher at $ 49.58 /bbl. Markets were trading in an uncertain fashion with Brent hitting an intra day low of $ 55.07 /bbl before recovering to close higher. Units that were shut down as a precautionary measure in the advent of Tropical storm Nate have commenced restarting of operations.…