Crude Oil The DOE data showed a surprise draw of 553,000 barrels against a forecast of a 1.7 million barrel build. This did nothing to impress the market as Brent settled at $ 49.98 / bbl. WTI at $ 49.18 / bbl. Basically the markets need fresh information that will convinece them that OPEC and all the other players are serious about a production cut. Iraq has effectively said no, Russia is saying it will…
Read MoreCrude Oil As mentioned, the current upward run seems to have been exhausted as the API data failed to provide cheer to bulls. Crude stocks built by a sizeable 4.75 million barrelsT. Rationally the build was not unreasonable as there was stock floating on the sea last week due to storm activity. Nevertheless, it was far in excess of the expectations of nearly 2 million barrels. Brent ended the day at $ 50.79 / bbl…
Read MoreCrude Oil Oil prices appear to be running out of steam. While there is always the fear that OPEC may adhere to its production cuts, there is tremendous scepticism about its ability to do so. And when you hear the first notes of discord from Iran (who else?) saying it doesn’t wan’t to cut, it is natural to want to first book profit on a 13-16% rise in profits. We saw some of this in…
Read MoreOil Price Digest 24-Oct-16 We unfortunately could not publish this daily blog for a few days as the author was traveling. We resume today Crude Oil Oil ended Friday slightly higher amid speculation that OPEC and Russia will be able to control production but tempered by a double digit rise in count of rigs being deployed in the US. Brent ended the day 41 cents higher at $ 51.78. For the week though it was…
Read MoreOil Price Digest 18-Oct-16 Crude Oil Crude Oil ended the day marginally lower on Monday. WTI closed at $ 49.94 / bbl and Brent closed at $ 51.52 / bbl. The market appears to have got tired of the story of OPEC production cuts with nothing happening on the ground that would suggest its implementations. The markets may have settled even lower had not the EIA advised that US shale oil production was expected to…
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