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Crude falls $0.29

Posted on: October 26, 2017

WTI prompt contracts settled 29 cents lower to $52.18 on bearish EIA stockpile gains of 856K, slightly higher than the API forecast and considerably above the market estimate draw of 3 million. In addition to the inventory stockpile figures a climbing of US exports to 7.66 million (source: EIA) didn't fare well for crude either-- and don't expect exports to decrease anytime soon, especially with the considerably wide Brent-WTI spread of $6.26 making exports to higher priced markets favorable.

The Brent premium has also played its part in US output increasing 13% last week to 9.51 million according to Bloomberg. The bulls really only had the 3 pt increase in weekly refinery utilization to lessen the blow.

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