Crude Oil A story of “All is quiet on the western front” Crude stayed balanced yesterday inspite of another huge build in crude stocks (4.4 million barrels) reported by API in anticipation of a Clinton victory. As these hopes faded it dropped to about $1 /bbl lower. As the markets began to cheer a Trump win crude oil too rose to settle at $46.36/bbl (Brent) and $ 45.27 /bbl (WTI) a rise of 32 cents…
Read MoreCrude Oil Crude oil stayed in a small range yesterday with the Brent contract settling at $46.04 a drop of 11 cents and WTI settling at $ 44.98 / bbl a rise of 9 cents. It stayed balanced inspite of another huge build in crude stocks (4.4 million barrels) reported by API in anticipation of a Clinton victory. As these hopes faded it is currently trading about $1 /bbl lower. In more bearish news, China’s…
Read MoreCrude Oil Crude oil finally snapped its downward streak after 5 days as the market arguably took cheer from a possible Clinton victory in the US election. However the rise was capped by a stronger dollar and continued doubts about OPECS ability to maintain production levels. The Brent contract settled at $46.15 while WTI settled at $ 44.89 / bbl. Both, the US Presidential election and the stock data report are likely to have an…
Read MoreCrude Oil Crude oil continued downward on Friday as well which, as we had suggested on Friday, may be an indication of liquidation of strategic long positions. For the week, crude declined by 9%, one of its largest weekly drops in this year. The Brent contract settled at $45.58 while WTI settled at $ 44.07 / bbl. This is the lowest level since September for both contracts. Weak trading fundamentals continue to concern traders, primarily…
Read MoreCrude Oil Crude oil continued its slide yesterday in the aftermath of the huge build reported by the EIA on Wednesday. Its slide was arrested somewhat with the news of an attack on a Nigerian pipeline. The Brent contract settled at $46.35 after hitting a session low of $ 45.99. WTI settled at $ 44.66 / bbl. It would be interesting to watch the happenings of today. A rise in prices, in the absence of…
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