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Crude moves $1.09 lower

Posted on: October 03, 2017

WTI suffered at the hands of OPEC with a rise in crude output for September. A Reuter's poll revealed OPEC had a rise of 50K/bpd in September and overall compliance fell to 86%—contrasting above 100% compliance in August. Compliance levels will persist to be a concern given the recent rise in oil prices and the potential that OPEC starts pumping crude at a more rapid rate as long as it hovers in the $50-60 range, effectively capping prices in some respects.

Whether or not OPEC will extend cuts past March 2018 remains an area of speculation and contention. To add fuel to the fire, the strengthening of the USD has made the cost of USD denominated commodities such as the WTI more expensive. The Sharara oil field in Libya may be reopening soon which could add approx 230k/bpd of production back to the global supply glut. Overall, the news pushed WTI $1.09 lower to settle at $50.58.


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