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Crude gains $0.04

Posted on: June 02, 2017

It turns out the bearish news outweighed the bulls and resulted in WTI contracts gaining a slight $0.04 to settle at $48.36 for the day. The EIA reported a draw in US stockpiles by 6.4 million barrels last week versus analyst forecast of 3 million earlier in the week, but not as large as expected by the API (8 million barrel draw). So why didn’t crude experience more upside on the draw?

Well, the EIA also revealed that production in the US increased to 9.34 million which is the highest since August 2015. In addition, Libya is producing at a record high of 827k shortly after the OPEC decision to extend cuts into 2018 working against the plan to moderate the global supply glut.

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