Crude Oil Crude continued to drop on Friday. However, the drop was contained by reports that crude has moved out of storage and therefore, global overhang of inventories has actually depleted. Brent lost 59 cents to close at $55.99 /bbl while WTI fell by 46 cents to settle at $ 53.99 /bbl. Reuters reports the removal of close to 12 million barrels of crude out of tankers from the Singapore-Malaysia area suggesting that the production…
Read MoreCrude Oil As predicted, Crude recovered all the losses from the previous day in the wake of the bullish API data. It would have gained more too but for the fact that the DOE data showed a small build in crude. Brent gained 74 cents to close at $56.58 /bbl while WTI rose by 86 cents to settle at $ 54.45 /bbl. The DOE data was reasonably bullish for the markets showing a small build…
Read MoreCrude Oil Crude gave up most of the gains of the week yesterday as Brent fell by 82 cents to close at $55.84 /bbl. WTI too fell by 74 cents to settle at $ 53.59 /bbl. Today may well be an up day though, if the DOE data is in line with the API data which showed a draw in crude. The API data for this week is bullish from all points of view First…
Read MoreCrude Oil Crude had another positive day yesterday. Brent rose by 48 cents to close at $56.66 /bbl, The April WTI future, which became the front month today settles at $ 54.33 /bbl. There is very little new information that the market got. Brent peaked to $ 57.31 before retreating to the level it settled. In the meanwhile, OPEC keeps pointing towards their January compliance and vaguely hinting about extending and even expanding the…
Read MoreCrude Oil Crude Prices ended positive yesterday amid thin trade on a US holiday and the start of IPE week in the UK. Brent rose by $ 37 cents to close at $56.18 /bbl, WTI rose by 29 cents to settle at $ 53.69 /bbl. The essential point is that people are still fearing a break to the upside if supplies run short. However, two stories on Reuters yesterday showed the changing dynamics of the…
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