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Crude down $1.29

Posted on: July 10, 2017

Baker Hughes reported that the US rig count grew by 7 to 763 which weighed negatively on WTI, causing it to drop $1.29 to settle at $44.23. This is quite likely due to an overemphasis in the prior week’s reduced rig count after a consecutive 23 week gain, potentially misleading market participants that US production is slowing down.

Last week we saw a sizable US stockpile draw of 6.3 million barrels that was met with a slight under reaction in price gains. Nigeria was invited to attend an OPEC committee meeting in Russia so we may see some price pushing headlines coming in soon. We hope you had a good weekend!

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