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Oil Market Takes Its Foot Off the Gas

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Daily Settlement Prices

On a quiet news-cycle day, oil prices settled lower on Thursday for the first time this week, easing off of the proverbial gas pedal that pushed WTI over $50 the day before. After the front month WTI had risen three dollars this week, the market was probably due for a round of profit taking.  The dollar also firmed a bit on Thursday, providing another reason for the bulls to break from their recent surge. The same fundamentals remain in play, however, with severe physical oil supply outages turning the global oil marketplace back into balance far quicker than expected.

July WTI ended the day on Thursday down 67-cents (settling at $50.56), though most of that “damage” happened overnight before North America was even awake. During regular business hours on Thursday, WTI stayed in about a 50-cent range (never breaking below $50 again, but also never recovering back to unchanged on the day). The low volatility day probably did nothing to change the minds of those with either a bullish or bearish view, but was rather a day of consolidation.

RBOB staged an impressive late day rally for the second straight day, closing near unchanged on the day (Heating Oil was down two cents). After severely lagging both WTI and HO for the better part of a week (oversold?), the gasoline contract has outperformed the last two days.  In both cases, the RBOB contract moved sharply higher at day’s end.

Published by PAPCO, Inc. (PAPCO)

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