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Crude gains $0.38

Posted on: October 12, 2017

WTI had muted gains after OPEC released favorable 2018 global oil demand levels followed shortly by the API posting a surprise gain in weekly crude stockpiles. Looking ahead, it would seem that the strong US exports may be unsustainable while exporters take advantage of the wide Brent-WTI spread. On the topic of spreads, the crack spread (measure of profit from refining crude into gas) has increased by 2.3% citing Bloomberg data.

Whether or not the EIA will confirm the API estimate will be a large driver in the prices to be posted later today. WTI settled at $51.30.

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