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Crude falls $0.27

Posted on: June 16, 2017

There really isn’t much action to report on the WTI front except for the strengthening of the USD and news pertaining to the Dakota Access pipeline. The Bloomberg Dollar Spot Index measures the USD relative to 10 major peers and increased by 0.6%; A stronger USD weakens the price for dollar- denominated storable commodities such as the WTI.

The Dakota Access pipeline news could be bullish depending how you look at it: a Federal Judge has ruled that the pipeline needs to receive more adequate environmental consideration and if an environmental review is prompted it may require a temporary shutdown of the pipeline. Overall, WTI lost $0.27 to settle at $44.46.

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