Oil traders take advantage of good EIA inventory stats

Malcolm Graham-Wood Independent Analyst

The traders took advantage of the better than expected EIA inventory stats to buy crude and the futures yesterday in what was described as a ‘thin’ market. It may be a dead cat bounce, only time will tell but maybe $60 for WTI and $63 for Brent are levels we shall see.

The EIA stats showed a build in crude of only 1.84m barrels less that the whisper of +2.7 and the API number of 3.9m so fears of a massive build were allayed. Further comments regarding adhesion to quotas also pacified the market.

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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