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Daily Oil Commentary by Matt Stanley


17/07/2017
By:Matt Stanley

Afternoon all and Greetings from Singapore. Brent closed Friday up 0.49 to $48.91 and WTi closed at $46.54 up 0.46. So everyone feeling inspired this week? Thought so. Like this oil market then. Granted there are some encouraging signs that things are getting better for crude, last weeks healthy stock draws in the US and the rig count slowly but surely not increasing at the rates they were earlier on in the year, but fundamentally we are still in an oversupplied market. If things do keep going the way they have gone for the last week or so then I think we will see $50 broken very soon. Once again fuel oil is at the forefront of every refiners mind as the world starts to panic about a lack of sour crude. As I mentioned before, the OPEC cuts have mostly been on the heavier, sour grades and this has, obviously, had an effect on the fuel crack price which is keeping fuel oil very well supported. I imagine this strength will continue throughout the rest of the year. So in some respects you could say job done by OPEC on that part of the barrel. But what do I know? It's only Monday and I'm already hungover. Good day and week to all.

 

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Last Update: 17/07/2017

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