WTI $50.60 -70c, Brent $56.25 -69c, Diff -$5.65 +1c, NG $2.99 +10c
|Oil price
A bit of drift yesterday as markets read the final of the three monthlies, this one from the IEA and was more bearish than the others. It rather spoiled the party as it reduced demand forecasts although most other forecasts remained as before. The good news is that in all the years I have been following them the IEA are rarely correct and given how much it costs to run the organisation it is a total shambles.
Later in the day the inventory stats helped out a bit, after the API build the EIA reported a draw of 2.75m barrels higher than the whisper, gasoline added 2.5m barrels as refiners got back to normal utilisation rates of 89.2%.
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