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Crude gains $0.43

Posted on: January 25, 2017

Crude markets responded positively to President Trump’s advancement of the Keystone XL and Dakota Access pipelines. The negotiation of the pipelines came with a contingency to use American steel exclusively. Libya, an exempt OPEC production cut member, continues to dramatically increase crude production reaching 715K barrels per day; in comparison to November’s level of 580K and 1.6M seen prior to the 2011 revolt. It is fair to assume Libya will continue to pose a threat and net out a portion of the decrease in supply from the OPEC agreement. API said to report a 2.93 million barrel build.

EIA will publish their inventory data today where the Bloomberg survey forecast is for a 2.5 million build. Iraq trimmed supply by 180k barrels per day according to the discussion at the OPEC commitment meeting in Vienna. Overall, prompt WTI futures gained $0.43 and settled at $53.18 for the day.

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