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Crude gains $0.06

Posted on: October 24, 2017

There were actually strong supply-demand fundamentals starting the week off with a fresh Dec prompt WTI contract settling 6 cents higher to $51.90. On the supply side: Bloomberg predicted a 1.45 pts increase in refinery utilization to 86%, the weekly Cushing estimate is for a 500K barrel draw, Baker Hughes rig count is down six in the Permian area with potentially less shale plays, OPEC's compliance last month was stronger as we move forward to the November meeting to discuss cut extensions. The demand side of the equation has been supported by China with the second highest crude purchases on record last month (BNEF).

All in all it was an optimistic outlook for the rest of the week and we will have to see how the sentiment holds.

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