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Crude moved $0.25 higher

Posted on: February 17, 2017

WTI prompt futures gained $0.25 cents to a final close of $53.36 despite US crude stockpiles being at the highest level since 1982. Russian Energy Minister Alexander Novak suggested Russia plans to implement production cuts ahead of schedule in February and March, potentially a 100,000 bp/d cut at the end of the month. Russia’s ahead of schedule cuts would bullishly compliment Saudi Arabia’s 90% compliance status.

No other pertinent events have arisen with the ability to push WTI out of the long-drawn out low 50s range but that’s not to say it can’t happen soon: fluctuation in USD strength, Iran sanction risk, North Korea and status of OPEC exempt cut members all could impact future pricing, among others.

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