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Crude falls 41 cents

Posted on: April 14, 2016

A bit of retracement yesterday in crude markets, with WTI falling 41 cents to settle at $41.76. The EIA reported a build of almost 7MM, which suggests that production cuts are nice but there is still a mountain of inventory to chew through.

Participants took some profits after the Russian Oil Minister suggested any production freeze would be similar to Johnny Depp's pirates code: more like guidelines than a formulated agreement. Trusting countries that dislike each other and are dependent on every dollar of oil revenue they can get to honour an agreement that is not written down seems like a good plan.

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