Oil Price Digest

Crude Oil It was a choppy trading session yesterday which first saw crude touch six week highs and then fall to close lower. Brent settled down 40 cents at $49.30 /bbl while WTI settled down 33 cents to $46.79 /bbl. Market participants seem to be convinced that the supply glut is here  to stay and that the market is unlikely to rebalance anytime soon. In such a situation, bullish developments like inventory drawdowns, slowing down…

Crude Oil Crude Oil prices rose by close to 2 % to a six-week high on Wednesday after the EIA weekly report showed a reduction in inventories of Crude, Gasoline and Distillates. Brent settled up 86 cents, or 1.8 percent, at $49.70, while WTI settled up 72 cents, or 1.6 percent, at $47.12. This is now the highest close for both contracts since June 6 earlier this year. DOE Data U.S. commercial crude oil inventories (excluding those in…

Crude Oil Crude oil prices rose slightly on Tuesday as Saudi exports fell and strong demand managed to absorb some of the excess supplies in the market. Brent crude settled up 42 cents at $48.84 /bbl, while WTI settled up 38 cents at $46.40 /bbl. Saudi Arabia’s crude oil exports in May fell to 6.924 million barrels per day from 7.006 million bpd in April. On the demand side, refineries in China have increased their crude throughput…

Crude Oil Crude prices finally eased up after 5 days of gains as Brent settled 49 cents lower at $ 48.42 / bbl. WTI too eased 52 cents to settle at $ 46.02 / bbl. The drop in prices would be largely profit taking in the absence of any fresh news and a reasonably strong technical resistance of the 50 DMA hovering above. While the markets await the API data release late today, Libyan production…

Crude Oil Crude prices completed a week of daily gains amidst steady determined buying. Brent gained 49 cents to settle at $ 48.91 / bbl. while WTI gained 46 cents to settle at $ 46.54 / bbl. The rise in prices, along with bullish DOE data, is being ascribed to reports from the IEA suggesting an increase in demand. The increase in Chinese imports was also a factor of much cheer to the bulls. We…