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Oil Market Report: Last Week was a Bear

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Oil prices ended a volatile week on a rather quiet note, settling marginally higher on the day and holding key support above $45. For the week, however, front month WTI was down over seven percent and currently sits at its lowest level in two months (and just above the aforementioned $45). Since peaking near and trading to $50 a few times in June, WTI has struggled to maintain consistent direction amid a strengthening dollar and on some bearish fundamental news (increased OPEC oil production). Read more

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DOE Shoves Down Bullish Expectations

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Oil prices fell to their lowest level in nearly two months after the weekly Department of Energy (DOE) inventory report merely met bullish expectations rather than exceeded them. That is to say, the market was clearly expecting bigger draws in oil and products and when those substantially bullish expectations did not come in, the market sold off. Read more

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Oil Complex Gets Back In the Range

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Wednesday morning the energy complex reached new recent lows. The downward move was led by RBOB, which saw the August contract down as much as 4.8 cents early, and front month RBOB reached its lowest outright level since April 7th of this year. However, this early weakness did not last. WTI and ULSD were bid higher, pulling the RBOB contract along with it and ultimately seeing all three settle in the green. Read more

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Big Pullback in the Oil Complex Yesterday

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The energy complex witnessed a sizable pullback on Tuesday, due more to a variety of small items, rather than one colossal event. To start, renewed fears about Brexit kept pushing the U.S. dollar higher, putting the energy complex on a lower footing. Concern over global demand and Genscape data that points to another build of crude oil inventory levels in Cushing, OK continued the downward momentum. It is likely that technical trading throughout the day pushed the final momentum lower. Read more

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Despite a Typically Light Holiday Friday …

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As is typically the case before a three day U.S. holiday, market activity was light on Friday. Front month WTI failed to break above the 400,000 lot level, and volume on the products side was also light. While futures were lower most of the morning, as the market focused on worry over future demand, the afternoon brought renewed buying that resulted in crude oil and products finishing higher on the day. Before long weekends, books are often squared up to avoid short exposure, in the event that a catastrophe takes place. Read more

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WTI at Home on the $45-$50 Range

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Crude oil and refined products were noticeably weaker on Thursday, likely the result of profit taking on the heels of a two day run up. Going back to last Friday, we have seen saw high volatility. The August WTI contract came off its high of $50.45 last Friday, to a low of $45.83 on Monday, and fluctuating back and forth within the range. In the short run, it would appear that the August WTI contract is wanting to remain range bound between the $45-$50 level, with it settle right in the middle on Thursday. It is expected that Friday’s volume will be light, as many market participants are expected to be leaving early for the long holiday weekend. Read more

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DOE Offers Swift Kick to Rather Rocking Q2

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The oil market rallied for the second straight day, seemingly ignoring the long-term bearish ramifications of the Brexit vote, supported by a generally bullish Department of Energy (DOE) stock report that showed strong draws in both crude oil and distillate products. As usual, commodities traded in inverse relationship to the value of the dollar, and the “flight to safety” investor sentiment (i.e. buy the dollar; sell everything else) has cooled. With Wednesday’s two dollar rise, August WTI has recouped most of the losses seen on Friday and Monday and is again close to breaching the $50 mark. Read more

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Fuel Market Report

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The oil market recouped a healthy portion of the two-day Brexit-induced losses. It moved higher throughout the day on anticipation of bullish data in today’s Department of Energy (DOE) inventory report and on news of a potential oil worker’s strike in Norway, which could remove even more supply from the already-narrowing global supply / demand balance. Read more

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Late Day Oil Price Rally Bodes Well for Today

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The post-Brexit oil rout continued on Monday with prices again moving lower in response to perceived European economic turmoil … and by a white-hot dollar. The cumulative loss in the front month WTI contract, over the two day swoon, is roughly four dollars, and that August WTI contract traded down to the lows of mid-June. Yesterday’s results were not surprising, though Asian equity markets did rally, giving the impression that oil might rise. The strength of the dollar (the flight to safety), however, was too much for the market to overcome. Read more

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Stay Away Day Following “Brexit” News

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A surprise passing of the British referendum to leave the European Union (EU) caused a steep market loss on Friday, as oil prices lost nearly five percent. It was the biggest single day drop in eight months. As recent news seemed to indicate Britain would stay put, the popular vote confirming the “Brexit” came as a surprise to the investment community (if not the World). Global equities suffered throughout the day on Friday, and the British pound fell to its lowest level versus the dollar in 30 years (good time for Americans to go on holiday to England now). Read more

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