Malcolm Graham-Wood
Independent Analyst
With WTI expiring last night and the holiday weekend fast approaching there is a feeling of apathy in the market, most unprofessional I hear you say. Even scanning the company news this morning revealed little to say, expect thin rations for the next few days.
The Genscape inventory numbers gave reason to be slightly optimistic last night, showing as they did, a 571/- draw in stocks at Cushing, more of the same from the API or EIA would be helpful but the teenage scribblers are expecting a build of around 3m barrels, we shall see. My watch of the retail gasoline price tells me that the recent rally continues, US motorists are now paying over $2 a gallon on average, around 30 cents off the recent lows.
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