Malcolm Graham-Wood
Independent Analyst
Oil traded fairly quietly and was headed for a down day with WTI touching $41.72 and Brent $45.03 when the EIA stats and the earlier than usual rig count data came to the rescue. The EIA inventory number was still a build but only of 961/- barrels whereas the whisper was for +1.2m so one and a half cheers all round. As for the rig count it was another double digit fall of 13 rigs overall to 744 units, in oil the drop was 9 to 555 again modest cheering.
The Thanksgiving break will mean that crude markets are bound to be quiet, this morning oil is off around 30 cents in thin trade with not much expected, probably the same until Monday ahead of Opec week. On the subject of Thanksgiving I always like the stats that the Automobile Association of America provide, this year 41.9m Americans will travel more than 50 miles from home by car which is the highest since 2007. The gasoline price is at its lowest since 2008 at $2.09 on average with the Midwest and the Gulf regions notably lower at $1.94 and $1.85 respectively.
In his Autumn statement yesterday, Gideon set up a £1bn Shale Wealth Fund which is intended to support communities and will be a modest boost to the onshore explorers although deeds and words are two totally different things.
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