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Crude climbs $2.49

Posted on: November 16, 2016

WTI went on a tear yesterday, with the front future gaining $2.49 to settle at $45.81. While most participants look for a single smoking gun regarding the move, it was more likely a combination of things including supply disruptions in Nigeria and renewed optimism for the OPEC meeting later this month.

This morning we are seeing a bit of a pullback, which is not unexpected after a move of that size. API numbers showed a build of 3.7MM in crude stocks, we will see if EIA numbers confirm that this morning.


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