Bad day for oil as inventory figures rained on bulls parade

Malcolm Graham-Wood Independent Analyst

Yesterday was a bad day for oil, not because it fell but more as it started brightly moving up on general news from Russia and sundry participants that a roll over was increasingly likely at the May meeting. During the day announcements from Libya that it was increasing production (something to be taken with a large pinch of salt as a rule at the moment) and the the inventory figures rained on oil’s parade.

April WTI expired yesterday and May (above price) was already a bit weak, this morning Brent is down 72 cents so flirting with the key $50 level which the chartists hate. So, those API stats showed a build of 4.5m barrels, more than the expected 2.8, and although gasoline stocks drew by a bigger than expected 4.9m barrels the market was disappointed. Stand by for EIA tonight…

Author

Malcolm Graham-Wood

Independent Analyst

Malcolm Graham-Wood started his City career as a trainee analyst at Wood Mackenzie and then cut a swathe through a number of broking houses, all the time building up his knowledge and love of the upstream oil and gas industry incl

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