Oil Price Digest

Crude Oil Crude prices rose strongly amid little news. Brent gained 68 cents to settle at $ 48.42 / bbl. while WTI gained 59 cents to settle at $ 46.08 / bbl. Yesterday’s rise is prices in being ascribed to the report that China’s imports of oil in H1 2017 was 14% higher than the same time last year.  We are of the opinion that this could be a delayed response to the ‘bullish’ DOE…

Crude Oil Crude rose just marginally notwithstanding the largest crude draw in 10 months as per DOE. Brent gained 22 cents to settle at $ 47.74 / bbl. WTI gained 44 cents to settle at $ 45.49 / bbl. These settles were well off the highs reached just below the release of the DOE data which, according to most analysts seemed prima facie bullish. These seem to have been offset by the increase in both…

Crude Oil Crude prices rose primarily on reports of cuts in US production and anticipation of US, API data. Brent and WTI once again gained identically at 64 cents each to settle at $ 47.52 / bbl and $ 45.04 / bbl. respectively. Anticipation of draws in US crude stocks could also have contributed to the rise in prices. These anticipations were not belied as API reported a draw of 8.1 million barrels. This number…

Crude Oil Crude prices began the week with a now familiar burst of optimism but settled only a little higher than Friday. Both Brent and WTI gained  17 cents each to settle at $ 46.88 / bbl and $ 44.40 / bbl. respectively. After trading in the negative zone through most of the Asian and London trading day, crude oil prices rose sharply early morning in New York, arguably in response to the invitation to…

Crude Oil After 8 trading days of optimistic buying, grim reality hit the market on Friday as prices fell dramatically. Brent lost $ 1.40 to settle at $ 46.71 / bbl while WTI lost $ 1.29 to settle at $ 44.23 / bbl. Both crudes have now posted 6 weekly declines in the last seven weeks and there seems little hope for rebalancing under the current scenario unless we see an exceptional increase in demand…