Oil Price Digest 17-Oct-16 Crude Oil Crude Oil ended the day nearly unchanged on Friday. Traders seemed to balance the threat of an OPEC production cut against a stronger dollar and an increase in the Baker Rig Count. The Baker Rig Count has been increasing for the last 16 weeks. This would indicate that more oil is likely to be produced by the US in the near future, a factor which would put pressure on…
Read MoreOil Price Digest 14-Oct-16 Crude Oil Crude Oil moved in a nervous small band yesterday. The EIA data showed a mixed picture with a build in crude of the order of 4.8 million barrels and a draw in both Gasoline (1.9 Million Barrels) and Distillates (3.7 Million Barrels) Refinery Run rates have dropped to 85.5% their lowest level since October 2013. Further, the EIA also said it expected demand growth to slow to about 70…
Read MoreOil Price Digest 13-Oct-16 Crude Oil Crude Oil prices eased today on the back of High Opec Production in the previous month from the OPEC countries. It is hard to figure out HOW they will go about cutting production from here and further, by how much they will cut it. API data showed a build in crude stocks for the first time in six weeks. Naphtha Naphtha continues to stay weak. While there are buyers…
Read MoreOil Price Digest 12-Oct-16 Crude Oil Crude Oil prices are moving up and down on the proposed oil cut. Today its flow was downwards because Even if people agree to cut supply, it is unlikely that there will be any shortfall felt in supply before alternate supply kicks in. Rosneft clearly stated it would not cut oil production. Doubts about compliance with cuts continue and with good reason There must be an element of profit…
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