Malcolm Graham-Wood
Independent Analyst
A very quiet day all round today, hope for another tomorrow as there will likely be no blog as I will be in the Nottingham office…
Crude rallied a bit yesterday, it might have been more but for the strong dollar, Fed officials are saying that subject to half decent Non-farm-payroll numbers on Friday, rates will rise in September. The API inventory stats came out after the close, they showed a draw of 2.4m barrels which was higher than the 1.5m barrel whisper. This included a 504/- fall at Cushing which helped and crude prices are up around 50 cents this morning. For the next few days and weeks we will have to watch things very carefully, on the charts the oil price is looking down at the February lows, bounce of them and it looks good, fall through them and chartists will be in tears.
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