With London and Asia closed yesterday volume was thin although Brent traded a reasonable amount. Economic news is not really having much of an effect, a cracking set of NFP’s on Friday with added upward revisions to previous months proved that it probably was the polar vortex after all.
Good US services PMI and ISM numbers have also helped but Chinese manufacturing PMI figures were poor. Despite the Ukraine, Brent was ‘grinding lower’ according to a trader friend and if we get bad inventory stats tonight or tomorrow WTI will probably drift too.
This week, US retail gasoline and diesel prices have fallen a bit as the big west coast refineries come back on-stream ahead of the driving season which may provide some support for the oil price in the short term.
Good US services PMI and ISM numbers have also helped but Chinese manufacturing PMI figures were poor. Despite the Ukraine, Brent was ‘grinding lower’ according to a trader friend and if we get bad inventory stats tonight or tomorrow WTI will probably drift too.
This week, US retail gasoline and diesel prices have fallen a bit as the big west coast refineries come back on-stream ahead of the driving season which may provide some support for the oil price in the short term.
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