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Crude gains $0.64

Posted on: July 12, 2017

The EIA 2018 US production revision sparked the price movement upwards. The forecast was changed to 9.9 million barrels a day versus the earlier 10.01 level. No changes were made to the shorter-term 2017 forecast. Saudi Arabia may be producing marginally above their OPEC production cap agreed upon, although market participants are contributing this to the normal summer cycle, not a blatant disregard to the agreement itself.

The previous EIA forecast provided by Bloomberg was for a draw of 2.45 million and the API later reported an expected 8.13 million draw. The EIA data will be available later today and if it comes close to the API value it may indeed prove quite bullish, all else equal. Overall, WTI gained $0.64 to settle at $45.04.

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