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Crude gained $1.14

Posted on: March 30, 2017

The big news for crude that drove WTI prompt futures $1.14 higher to settle at $49.51 was the lower than anticipated EIA inventory levels. The EIA reported a 867K build vs prior forecasts from Bloomberg and API at 2 and 1.9 million barrels respectively. On the OPEC side, exports (not production) showed a 419K barrel per day drop in Iran, Nigeria and Libya reduced exports by a combined total of 216K for the month of March.

Again, although the market may have responded bullishly keep in mind these are not production level reductions which are most pertinent to the OPEC agreement compliance. Additionally, the drop in Libya’s exports was not of choice but rather militia group interference closing down two of their main oil ports.


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