Oil price: API stats disappointing, down day coming?

Malcolm Graham-Wood Independent Analyst

Oil price

Another up day for crude, whatever next? Well actually a down day probably as the API stats which came out after the closing bell were rather disappointing showing a build of 851/- barrels when the scribblers had forecast a draw of 2.6m barrels. Gasoline built too, by 1.4m barrels so today’s EIA numbers will have to go some to keep the buyers back in town. Having said that the CFTC numbers I mentioned the other day show that there is a big short position built up and with the month, the quarter and the half ending on Friday who says that they might close out a few of those positions…? Also it seems that the data from Russia is quite encouraging, recent stats show that production is more than 300/- b/d down since Q4 2016.

Author

Malcolm Graham-Wood

Independent Analyst

Malcolm Graham-Wood started his City career as a trainee analyst at Wood Mackenzie and then cut a swathe through a number of broking houses, all the time building up his knowledge and love of the upstream oil and gas industry incl

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