The WTI price above is a bit spurious as the expiry now means that September WTI is trading at $102.01 and the differential is not quite as low as it seems from the above.
With confirmed documentation as mentioned yesterday, that non-professional investors have taken another 25% off the table and I expect more at the end of this week the market looked at the inventory stats from the API yesterday. At 550/- draw in crude was much less than forecast and way down from last weeks numbers so lets see what the EIA do tonight. In the API numbers there was a big build in gasoline and distillate stocks of 3.6m barrels as refineries increased run rates which makes sense of the crude draw last week.
Internationally, the E as it should now be called, i.e. European without the Union, foreign ministers got together but couldn’t come to an agreement about sanctions. France is concerned that it may be stopped from selling Putin two aircraft carriers and the mighty German economy runs on Russian gas now that they have banned shale and quit nuclear…
With confirmed documentation as mentioned yesterday, that non-professional investors have taken another 25% off the table and I expect more at the end of this week the market looked at the inventory stats from the API yesterday. At 550/- draw in crude was much less than forecast and way down from last weeks numbers so lets see what the EIA do tonight. In the API numbers there was a big build in gasoline and distillate stocks of 3.6m barrels as refineries increased run rates which makes sense of the crude draw last week.
Internationally, the E as it should now be called, i.e. European without the Union, foreign ministers got together but couldn’t come to an agreement about sanctions. France is concerned that it may be stopped from selling Putin two aircraft carriers and the mighty German economy runs on Russian gas now that they have banned shale and quit nuclear…
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