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Crude plummeted $2.47

Posted on: June 08, 2017

A terribly bearish day for WTI contracts. What drove oil $2.47 lower to settle at $45.72 for the day? Well, to start, the official EIA numbers were exceptionally disparate to analyst forecasts-- API anticipated a 4.62 million barrel decline versus the actual gain in US stockpiles of 3.3 million barrels. Secondly, Royal Dutch Shell lifted restrictions on exports to Nigeria oil, and according to an article on Bloomberg that it could represent “20% of the supply OPEC has pledged to cut” drastically taking away from the global effort to reduce supply. Thirdly, EIA and their monthly revision to the 2018 US crude production was bumped up to 10 million barrels per day.

It is becoming evident the battle to bring demand and supply to an equilibrium is met with adversity stemming from US shale producers and OPEC exempt cut members—Nigeria and Libya.


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