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Crude plummets $1.73

Posted on: June 15, 2017

No matter how you spin the fundamentals it simply wasn’t going to be a good day for the WTI. Starting the day off with a below expected draw of 1.66 million barrels after getting crushed with a tremendous 3.3 million barrel EIA release the week prior, WTI prompt futures settled $1.73 lower to $44.73.

As crude nears $40 many market participants believe that some growth may decelerate for US Shale, although it will by no means halt entirely. The IEA added that “cherry top of the bearish sundae” after making a statement that “ new production from OPEC’s rivals will be more than enough to meet growth in demand next year”.

The diplomatic contention in Qatar is still present and transferring some political risk and volatility to Libya’s production; It seems quite morbid to think that the price of crude to some extent relies on political upheaval and misfortune in the Middle East to decrease production and reduce the global supply gut. Troubling times indeed.

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