Crude Oil The last nail was driven into the coffin of the OPEC production cutback story as the DEA reported a build of over 14 Million Barresl to Crude Stocks. This is the largest ever reported weekly build in stocks since 1982. Most of this was in the Gulf Coast. The DEA also reported a drop in refinery runs to 85.2%, a drop in gasoline stocks of 2.2 million barrels and a drop in distillate stocks…
Read MoreCrude Oil Crude oil continued to move lower yesterday and then tumbled further after API announced a build of over 9 million barrels of crude stocks. Brent contract settled at $48.14 after hitting a low of $ 47.74 during the day. WTI settled at $ 46.67 / bbl. If the official EIA data (considered by many to be more reliable) reaffirms the API data, we could well see multi month lows in the next few days.…
Read MoreCrude Oil Crude oil dropped dramatically yesterday in the face of the facts that OPEC has been unable to reach any commitment and the likelihood that production for the month of October was at a record high of 33.8 million barrels per day. Brent contracts settled at $48.30 (expiring December contract) and $ 48.65 (current front month) / bbl. WTI settled at $ 46.86 / bbl. The market seems to have totally discounted the probability…
Read MoreCrude Oil Crude oil bounced resumed its decline as non OPEC members refused to commit to dropping production levels before OPEC members committed to do so. Brent settled 76 cents lower at $ 49.71 / bbl while WTI settled at $ 48.70 / bbl, $ 1.02 lower than the previous day. Significantly, CFTC reported a decline in net long futures and options positions for the first time in 5 weeks, indicating a change in the overall…
Read MoreCrude Oil Crude oil bounced back a little bit amid noise from OPEC members that they will maintain production levels. Yesterday’s DOE draw was mainly in the West coast region which contains regions like Alaska so its impact is regarded as minimal. Brent settled 49 cents higher at $ 50.47 / bbl while WTI settled 54 cents higher at $ 49.72 / bbl Naphtha The Naphtha physical crack is going on making record numbers over…
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