Oil Price Digest

Crude Oil Crude staged a minor recovery on Friday. Brent closed up 13 cents to settle at $57.54 /bbl while WTI gained 11 cents and settled at $51.67 /bbl. As another quarter ends, there was happy news for the crude bulls as the gain in prices for this quarter beat several records. Brent had a positive week for the fifth week in a row, its longest streak since June 2016. The contract posted a 10%…

Crude Oil Crude retreated further from the highs of the beginning of the week. Brent closed down 49 cents to settle at $57.41 /bbl while WTI ended 58 cents lower to settle at $51.56 /bbl. The retreat is not surprising bearing in mind The DOE report which seemed to suggest that things are returning to normal and there may not be a shortage of either crude or products The large length in futures and options…

Crude Oil Benchmark Crude prices moved and settled in opposite directions yesterday in the wake of mixed U.S. Inventory data released by the DOE yesterday. Brent closed down 54 cents to settle at $57.90 /bbl while WTI ended 26 cents higher to settle at $52.14 /bbl. With the Brent-WTI spread touching their highest levels in more than two years, U.S. crude has become increasingly competitive in foreign markets as evidenced by their export numbers which…

Crude Oil Crude prices retreated from multi month highs as market took profits on the steep climb. Brent fell by $ 0.58 to settle at $ 58.44/bbl, while WTI lost $ 0.34 to settle at $ 51.88/bbl. The profit taking appears to be natural. This was in expectation of a build in the API. However the API report managed to surprise everybody. API Report The API reported a draw of  761 KB of crude stocks.…

Crude Oil We apologise for our inability to publish the Oil Price Digest yesterday due to unavoidable circumstances Crude prices rocketed up yesterday to their highest levels since July 2015 as Brent rose by $ 2.16 to settle at $ 59.02/bbl, while WTI gained $ 1.56 to settle at $ 52.22/bbl. The market appears to believe that rebalancing of crude stocks is indeed taking place after close to 9 months of concerted action by the…