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Crude plummets $2.30

Posted on: May 05, 2017

WTI prompt futures got hit hard for the second time this week amid a stream of negative OPEC media headlines and Wednesday’s bearish EIA stockpiles report. Contributing to the drama was the strength in the first quarter growth of the Permian Basin. To add salt to the wound, OPEC producers have conveyed that production cut levels will likely not be raised, and with Saudi Arabia’s narrowing deficit their participation in an extension let alone maintaining current cut levels past June remains a mystery. One thing we do know is the markets do not respond well to ambiguity and this is what caused NYMEX WTI contracts to tumble $2.30 to a final settle of $45.52.

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