Malcolm Graham-Wood
Independent Analyst
The oil price was up yesterday as you can see but overnight things have changed and as I write WTI is down $1.23 and Brent off $1.18 almost exactly removing that gain. The main thing that has happened is that the Kuwaiti oil strike is over after a late night deal that will bring production back up to speed in a matter of hours. This comes as no surprise but combined with the news that Buzzard isnt coming off-stream until later in the year adds to downward pressure. Also, after the close the API inventory stats were somewhat worse than expected showing a build of 3.1m barrels although there was a modest fall of 235/- barrels at Cushing. Finally on a post Doha note, the Iraqi Governor responsible for the group has said that Opec will discuss the output freeze at their next meeting, that’s fine then.
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