Oil yesterday surge a rarity, bearish preassure remains in place

Malcolm Graham-Wood Independent Analyst

Yesterday’s first up day in six might prove to be a rarity as crude has opened this morning a bit weak after a confusing set of API stats. A build of 897/- b’s in crude wasn’t expected, a draw of 1.7m was forecast but at Cushing the 2m draw was better for the constitution. Gasoline stocks built by 4.4m b’s against the forecasts but why can’t these overpaid numpty analysts take a look at the refinery rate, it’s a month til the driving season and that’s what happens…Take a look at the retail gasoline price, $2.45 overnight against only $1.90 on Nov 28th….Those stats btw were after the close, tonight’s EIA numbers will hopefully look a little better/clearer…

Russia is not helping matters with its position taking ahead of the meeting next month, however at the moment I’m sure that’s all it is. Stand by for a joint communique from Moscow and Jeddah…

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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