Crude Oil Oil prices continued to rise in thin trade as the market gears up for the planned OPEC cut in supplies. Brent rose by 93 cents to close at $ 56.09/bbl. WTI gained a similar $ 0.88 / bbl to settle at $ 53.90 / bbl. Stock data from the API should be available late afternoon today to give further direction to final positions for the year. Naphtha The Naphtha physical crack continued to gain…
Read MoreCrude Oil Markets have been very thin as most shops are preparing to close their books for the year. On Friday, Brent settled at $ 55.16/bbl, up 11 cents on the day while WTI gained $ 0.07 / bbl to settle at $ 53.02 / bbl. All the producers are saying and showing the right things in preparation for the cut in production starting in January next year. The extent of adherence remains to be seen.…
Read MoreCrude Oil Crude markets rose today, arguably in response to a strong upward revision in US Q3 GDP growth to 3.5%. Brent settled at $ 55.05/bbl, up 55 cents on the day while WTI gained $ 0.46 / bbl to settle at $ 52.95 / bbl. Trading for the last two weeks of the year is traditionally thin and we are unlikely to see any dramatic movements either way. Naphtha The Naphtha markets continued to…
Read MoreCrude Oil Crude markets continued their yoyo as Brent fell by $ 0.89 / bbl to settle at $ 54.46/bbl while WTI lost $ 0.81 / bbl to settle at $ 52.49 / bbl. The WTI number is for the changed first nearby contract. The immediate reason for the decline was that the DOE reported a build of 2.3 Million barrels of crude stocks against an expectation of a draw of 2.5 million barrels. API had…
Read MoreCrude Oil Crude markets were still on the upswing, However, this was pared by news that Libya had reopened some pipelines which had been blocked for a couple of years. Readers may recall that Libya has no commitment to contain production. Brent rose by $ 0.43 / bbl to settle at $ 55.64/bbl while WTI gained $ 0.11 / bbl to settle at $ 52.23 / bbl. API has reported a draw of 4.2…
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