Oil price: API stats disappointing, down day coming?
|Oil price
Another up day for crude, whatever next? Well actually a down day probably as the API stats which came out after the closing bell were rather disappointing showing a build of 851/- barrels when the scribblers had forecast a draw of 2.6m barrels. Gasoline built too, by 1.4m barrels so today’s EIA numbers will have to go some to keep the buyers back in town. Having said that the CFTC numbers I mentioned the other day show that there is a big short position built up and with the month, the quarter and the half ending on Friday who says that they might close out a few of those positions…? Also it seems that the data from Russia is quite encouraging, recent stats show that production is more than 300/- b/d down since Q4 2016.
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