Oil Price Digest

Crude Oil Crude prices showed mixed trends yesterday as market struggled to seek for direction from here. Brent settled 14 higher at $ 56.43/bbl, while WTI lost 14 cents to settle at $ 50.55/bbl. This loss may have been due to adjustments necessitated by the expiry of the front month (Oct-17) contract. For now, the markets await the outcome of today’s discussion among OPEC countries on the future status of production cuts. Naphtha Demand for…

Crude Oil Crude prices reacted to strong product draws to settle at new highs for the quarter. Brent settled $ 1.15 higher at $ 56.29/bbl, while WTI ended 93 cents higher at $ 50.51/bbl The markets shrugged off what could be considered as bearish data from the DOE to settle sharply higher as the huge product draws brought stocks below 2015 levels. DOE Data The DOE data showed huge draws in products and a disappointing…

Crude Oil Crude prices retreated from last week’s highs on Monday. Brent settled 34 cents lower at $ 55.14/bbl, while WTI ended 43 cents lower at $ 49.48/bbl The easing could be due to profit taking ahead of Friday’s OPEC meet to review the production cut status as also DOE data expected tomorrow. API Data The API report was rather bullish as crude inventories rose less than expected and product inventories drew more than expected…