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Daily Oil Commentary by Matt Stanley


05/04/2017
By:Matt Stanley

Morning all. Shock, Stanley was wrong again. Brent closed last night up 1.05 to $54.17 and WTi closed at $51.03 up 0.79. I'm a man of simple pleasures - rubbish jokes for example, so here's one of my favourites - "A bloke walks in to a butchers and spots 2 bits of meat on the ceiling. The butcher says "How can I help you", the man says "I'll have those 2 bits of meat on the ceiling please", the butcher replies "Sorry mate, the steaks are just too high". Now, what has any of that got to do with the oil market. Well it seems that regardless of any actual fundamental news this market is refusing to relinquish. APi said we can expect another build on crude and a negligible draw on products. Libya are back and the US confirmed yesterday that exports are back to over 1mnbpd. Yet we rally on the back of an apparent outage in the North Sea or that. The stakes are just too high for the market not to be in this +50 range. Pah. I give up. Everything is being ignored with the same politeness like when you're trying to write an important email in the back of a taxi but the driver is chatting away about taxes and that Uber will hopefully go out of business. We've all been there. Again this market comes down to a vague hope that demand is going to increase and that the market will balance sooner rather than later. I'll much rather be annoyed about the fact that fundamentally this market right now should be weaker than it is than pathetically assume that the future holds more positive news for demand vs supply. But what do I know. I still laugh at Knock Knock jokes. Stats later. Good day.

 

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Last Update: 05/04/2017

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