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Crude marginal $0.01 gain

Posted on: October 18, 2017

WTI prompt contracts only netted out $0.01 for the day and settled at $51.88 after testing out mid $52 highs during intraday trading. The two main items that weighed down the gains were: the strengthening of the USD against the G10 basket, reduced tension in the Middle East between the Kurds and Iran with Kurdish forces being withdrawn from the oil rich-region and opening up the flow of crude oil exports (pipeline capacity estimated around 500K/bpd).

A price gain stimulant for today would be if the large API 7.13 draw estimate in stockpiles shows up in the official EIA number.


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