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Crude falls $0.70

Posted on: October 13, 2017

Data from the IEA and OPEC have left some market participants scratching their heads on the short-term outlook for crude. On the OPEC side, there seems to be a prediction that the global surplus may clear in Q3 2018 but the constraints used in this model are contradicted by the IEA data on U.S shale production.

The lack of consensus muted the impact of the favorable weekly EIA 2.75 million barrel decline in stockpiles—contrasting the build a day prior from the API. Gasoline did not fare well with an increase of 2.5 million. Refinery utilization is slightly higher at 89.2% according to Bloomberg. WTI lost 70 cents to settle at $50.60.

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