Crude Oil Crude prices retreated from yesterday’s highs as Brent fell by 53 cents to settle at $ 52.04 /bbl. WTI too dropped 98 cents to settle at $ 47.43 / bbl. It is not immediately clear as to why prices fell other than profit taking. One possible reason given is the strong US dollar which makes purchasing assets a little more expensive in other currencies. For today, the US is focused on the possible…
Read MoreCrude Oil Crude prices ended higher as the market treated the DOE data as bullish. Brent rose by 70 cents to settle at $ 52.57 /bbl while WTI gained 58 cents to settle at $ 48.41 / bbl. For the next few days, the US market is going to be focused on Texas as the tropical depression Harvey is expected to strengthen into a Category I hurricane by Friday. As the depression is headed towards…
Read MoreCrude Oil Crude prices ended the day marginally higher in anticipation of more draws in the API inventory report. Brent rose by 21 cents to settle at $ 51.87 /bbl while WTI gained 27 cents to close at $47.64 /bbl. The October WTI future, which becomes the front month today settled at $ 47.83 / bbl. The market did get its expectations fulfilled as API reported a draw in crude. However, with products once again…
Read MoreCrude Oil Crude prices gave up most of Friday’s gains on Monday. Brent fell by $1.06 to settle at $ 51.66 /bbl while WTI gave up $ 1.14 to close at $47.37 /bbl. Traders attributed today’s price fall to profit taking. In the previous week, speculators were reported to have reduced their long positions in WTI contracts as per the CFTC. The other major news of the week is Iraq’s plan to switch pricing of…
Read MoreCrude Oil Crude prices rallied dramatically in the last hour of trading to close at surprise highs for the week. Brent rose $1.72 cents to settle at $ 52.85 /bbl while WTI rose by $ 1.42 to $48.51 /bbl. The immediate reason for this response was reports of a unit being shut down at Exxon’s refinery in Baytown, Texas. This refinery which has a total nameplate capacity of 546 kbpd is the second-largest refinery in…
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