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Crude losses $0.88

Posted on: March 22, 2017

Another bearish day for WTI futures losing $0.88 and settling at $47.34 for the day. API figures predict a 4.5 million barrel build for the EIA figures today, where the previous Bloomberg analyst forecast was for a 3 million barrel build, slightly higher than the Bloomberg proprietary model 1.9 million build earlier this week.

The shape of the curve has pushed backwardation out to mid to late 2018, compared to previous backwardation around late 2017 which could reflect lower levels of optimism and concern oversupply will last longer than anticipated.

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