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Crude gains $0.93

Posted on: January 05, 2017

Crude WTI futures made a $0.93 gain, closing at $53.26, motivated by expectations of lower US inventories (2 million barrel draw forecasted by analysts) with official figures released by the EIA today. Nigeria offered additional support to crude with an unanticipated 200,000 bpd drop last month from ongoing struggles with militant attacks on oil infrastructure; according to Bloomberg, OPEC’s overall crude production fell by 310,000 bpd in December.

The strengthening of the USD continues to pressure dollar-denominated WTI futures where the market witnessed a 14 year-peak this Tuesday, dipping lower on Wednesday and producing slight gains. Market participants should keep a close eye on Libya’s oil production and their exempt production cut status: Bloomberg reported a 50,000 bpd increase last month as the country re-opened two of their largest oil fields at an alarming pace. It may not be without consequence if this trend continues and Libya’s exempt status deters members of collective agreement to stabilize the markets.

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