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Crude losses 8 cents

Posted on: November 02, 2017

The official storage draws for crude and gasoline didn't live up to the hype of the API estimate falling only 2.4 and 4.02 million, respectively. Of particular relevance to Alberta, the WCS is trading at a large $14 discount to WTI driven by pipeline constraints; supply is building with an oversubscribed Trans Mountain pipeline and delays on expansion infrastructure not limited to Keystone XL and rail.

During the last week I've been talking a lot about the spread between Brent and WTI and hinted at the possibility of increased US exports—that held true with Bloomberg data showing a record level of US oil exports to break the 2m mark, gaining 209k/bpd. The tension in the Middle East in the Kurdistan region may have contributed favorably to OPEC monthly production declines as well. All in all the bulls seem to have more positive news as WTI prompt gained 8 cents to settle at $54.30.


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