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Daily Oil Commentary by Matt Stanley


16/03/2017
By:Matt Stanley

Morning all. Brent closed up 0.89 last night to $51.81 and WTi closed at $47.72 up 1.14.  So crude stocks fell last week in the US for the first time in 9 weeks and what did the market do?  Rallied like a trooper.  Did US data show a sizeable draw that can give hope to the bulls? Of course it didn't.  We saw a 237,000 barrel draw.  That's it.  237,000 barrels.  You could probably count that many in your head and not go crazy so why did it yield such a a positive response from the market?  Again we come down to hope.  Hope that demand is actually increasing.  Yes we saw some good draws again on products but you would expect this time of year considering how cold it is in the North and the pending RVP change on gasoline soon.  I don't get it to be honest and I don't know why I get so frustrated by it.  The only thing that frustrates me more is stepping on a piece of lego in the middle of the night my daughter kindly placed.  I swear she does it on purpose.  I know that I keep on banging this bearish drum but the constant ignorance this market blatantly has is going to bite it in the botty quicker than a disgruntled wife would after her husband forget their anniversary.  Iraq have said they are pumping more and will increase throughout the course of the year.,  IEA decreased demand growth projection and the US are pumping more and more each day.  I see us being stuck in a range for a while now.  Good day.

 

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Last Update: 16/03/2017

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