Crude Oil The bulls increased their grip on the market on Friday. Brent rose by $ 1.07 to close at $56.70 /bbl while WTI rose by 86 cents to close the week at $ 53.86 /bbl The rise was attributed to a favorable report by the IEA on compliance with production cuts to the extent of 92% . There were also research reports laid out by various shops justifying the huge rise in stocks as…
Read MoreCrude Oil Crude prices extended gains yesterday. Brent added 51 cents to settle at $ 55.63/bbl while WTI gained 66 cents to settle at $ 53.00 / bbl Market players attributed this rise to traders focusing on the draw in gasoline. Just as a reminder, the draw was of the order of 0.9 Million barrels. Naphtha The physical naphtha market continued its upward trend yesterday. The March MOPJ crack is valued at around $ 2.70 /…
Read MoreCrude Oil Crude prices ended marginally higher in the face of DOE confirmation of highly bearish data. Brent rose by 7 cents to settle at $ 55.12/bbl and WTI by cents to settle at $ 52.34 / bbl The DOE reported a build of 13.8 Million barrels in crude which was in sync. with the API figures. However it showed a small draw of -0.9 MB for gasoline and unchanged stocks for diesel. The market…
Read MoreCrude Oil Crude prices continued their downward movement for the second day in a row. Brent fell 69 cents to settle at $ 55.05/bbl. WTI lost 84 cents to settle at $ 52.17 / bbl The burning question at this point in time is whether this is merely a correction or whether this is a reversal of trend. The following facts seem to be pointing towards the latter Production cuts have had no impact…
Read MoreCrude Oil Crude prices finally moved significantly downward for the first time this year. Brent gave up $1.09 to settle at $ 55.72/bbl. WTI lost 82 cents to settle at $ 53.01 / bbl As we had mentioned yesterday, the probability of a supply overhang in the wake of the US ramping up production and demand for products seems to be high. The Baker Hughes Rig count showed that 17 more rigs were added this week…
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