WTI $50.60 -70c, Brent $56.25 -69c, Diff -$5.65 +1c, NG $2.99 +10c

Oil price

A bit of drift yesterday as markets read the final of the three monthlies, this one from the IEA and was more bearish than the others. It rather spoiled the party as it reduced demand forecasts although most other forecasts remained as before. The good news is that in all the years I have been following them the IEA are rarely correct and given how much it costs to run the organisation it is a total shambles.

Later in the day the inventory stats helped out a bit, after the API build the EIA reported a draw of 2.75m barrels higher than the whisper, gasoline added 2.5m barrels as refiners got back to normal utilisation rates of 89.2%.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

RELATED TOPICS
  • Oil
  • WTI
  • Brent