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Crude loses $0.16

Posted on: October 04, 2017

WTI experienced a bit of carryover from Monday's news that OPEC's compliance levels dwindled in September—contrasting above full compliance levels in August. Part of this has to do with the overall message that is portraying to the crude markets: OPEC will either increase production or not extend cuts past March 2018, or possibly do both. In addition, an increase in U.S. shale production for prices in the $50-60 makes it exponentially more difficult for crude to break the upper bond.

From a supply perspective this is bearish but we can still turn to overall global demand and that has the opportunity of sparking higher prices—especially with the material demand coming from but not strictly limited to China. API released a 4 million barrel inventory increase amount for today's official EIA. Overall, WTI closed 16 cents lower to $50.42.

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