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Crude plummets $2.86 lower

Posted on: March 09, 2017

A bearish day for crude after the EIA US crude supply figures were released and OPEC’s production values for February were higher than anticipated. A staggering build of 8.21 million barrels was reported by the EIA, considerably higher than the Bloomberg analyst forecast 1.39 million build. To date, US supplies stand at 528.4 million barrels which is the highest level going back to 1982.

It is important to note that US imports from Saudi Arabia and Iraq have increased to 2.4 million barrels which adds volatility to supply figures. Libya—an exempt member of the OPEC production cut arrangement, continues to face political uncertainty where militia groups have halted shipments at the main ports.

An interesting biofuel analysis on Soybean oil futures by Bloomberg addressed the strong correlation between WTI futures and the ability it has to act as an indicator of WTI price changes—the logic behind this argument is that when crude supplies are tight refiners tend to mix soybean oil in the diesel mix. Soybean futures front months are currently trading lower. Overall, WTI futures settled $2.86 lower and settled at $50.28.

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