Crude Oil Crude oil futures had a fairly indifferent day yesterday. Not withstanding the bullish stock data on Wednesday, Brent lost 7 cents to close at $ 51.74 / bbl. WTI too lost 11 cents to settle at $ 48.75 /bbl. In the absence of any significant fresh news to spook the markets, this small fall reflects the growing uncertainty in the market about whether a significant rally in crude can be expected and, if so, can…
Read MoreCrude Oil Crude oil futures staged a sharp recovery in the light of bullish DOE data. Brent gained 89 cents to close at $ 51.81 / bbl. WTI gained $ 1.14 to settle at $ 48.86 /bbl. There appears to be further follow through recovery today as Brent is higher by 37 cents at $ 52.09. While the US reported a stock draw yesterday, Global Oil inventories reported a build in the month of January according…
Read MoreCrude Oil Crude oil futures traded in a very jittery manner yesterday. After giving up the weekends levels and trading to a low of $ 50.29/bbl, Brent reovered well to close just 43 cents lower at $ 50.92 / bbl. WTI lost 72 cents to settle at $ 47.68 /bbl. Most of yesterday’s as well as today’s action is headline driven. The drop was caused by reports that Saudi’s production had increased to above 10 MB per…
Read MoreCrude Oil Crude oil futures appeared to find some support as the weak began cautiously. Brent settled just 2 cents below at $ 51.35 / bbl. WTI lost 9 cents to settle at $ 48.40 /bbl. The market is awaiting further developments, the first of which shall come late this afternoon when API releases stock data. Naphtha Naphtha prices are marginally firmer today over yesterday. The MOPJ crack for both March is valued at $ 1.15…
Read MoreCrude Oil Crude oil futures broke through many supports on Friday as more players appeared to get convinced that there appeared to be no great price rise likely due to OPEC cutting production. Brent lost $0.82 to settle at $ 51.37 / bbl. WTI lost 79 cents to settle at $ 48.49 /bbl. These levels have not been since since November 30th last year when crude began its upward spike. The drop showed in outstanding futures…
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