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Daily Oil Commentary by Matt Stanley


04/04/2017
By:Matt Stanley

Morning all. Brent closed down 0.38 last night to $53.12 and WTi closed at $50.24 down 0.36. With China off again today I think we will witness another fairly static day in the oil markets however the market seems a little bearish in the short term for those who are trading. Let's not forget that this time last week Brent was trading $50.93, we then witnessed a rally owing to the fact that Libya declared Force majeure at a couple of fields and up we went to around the levels we are seeing today. That very same force majeure was lifted yesterday and has the market corrected back down? Of course it hasn't. Why? The very same fundamentals are there as they were a week ago so why didn't we immediately correct back down? I wish my wife would forgive me as quickly when I've done something but nooooo that takes months apparently and it still will always linger in the back of her mind for years to come but the oil market? Nope, it's looked at through the same Rose tinted glasses that the Crystal Palace board of directors had on when they interviewed Big Sam. I just think we are in a technical market at the minute when it comes to crude. Products on the other hand is a different story. With freight still relatively weak at the minute but looking to get stronger, TC2 being a perfect example, I think arb opportunities to move bbls will be sniffed out quicker than a functioning alcoholic looking for the latest happy hour offers. If arb opportunities shut then we could see reduced refinery run rates and round that mulberry bush we shall dance again. Good day.

 

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Last Update: 04/04/2017

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