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Crude gains $0.86

Posted on: June 28, 2017

WTI prompt futures are chipping away at last week’s losses extending the second gain this week and a final settle price of $44.24. Aiding the slight recovery was the Bloomberg consensus forecast for a 2 million barrel draw in US stockpiles, in addition to a weakening of the USD increasing attractiveness of the USD denominated contracts; In fact, there may be a short-covering rally brewing with a six year record high in Brent benchmark short positions (according to Bloomberg) that may soon go long to lock in profits. One of Russia’s Largest oil producers was subject to the European cyber-attack but reported no interruptions in the daily crude production thanks to a backup system.

It’s hard to fathom that a cyber-attack could be the contributor to higher commodity prices if it succeeded in production disruption. I suppose it’s time to dust off those business continuity plans because I’m sure it won’t be the last occurrence.

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