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OIL: Oil Prices Consolidate Following Supply Led Concerns. 

OIL
BulletEnergy BulletsCommodities
  •  With limited new news out of the Middle East markets returned their attention to the stockpile accumulation story from the US as the key driver in oil’s price decline overnight.
  • US government figures showed a significant and unexpected pick up in stockpiles, reaching 5.47 million barrels when only 1.6 million was forecast.
  • Yet despite this, data out shows that traders are positioning themselves against sudden oil price rises.
  • WTI had paired back all of Wednesday’s decline in Thursday trading reaching US$72.34 before the refocus on the inventory accumulation.
  • WTI then declined materially in late trading reaching $69.77 before steadying at $70.33.
  • Oil has had a positive week after last week’s decline with WTI up +1.60%.
  • Brent followed a similar trading pattern reaching US$76.54 before bouncing off $74.00 to steady at $74.56.
  • Brent had a positive week also up just over +2.00%.
  • In the Middle East,  US Secretary of State Antony Blinken met with Saudi Crown Prince Mohammed bin Salman in efforts to find ways to move forward in the Israeli / Lebanon conflict.
  • Blinken had pleaded with Israel to find ways that do not exacerbate hostilities with Iran or it’s militant groups. 
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  •  With limited new news out of the Middle East markets returned their attention to the stockpile accumulation story from the US as the key driver in oil’s price decline overnight.
  • US government figures showed a significant and unexpected pick up in stockpiles, reaching 5.47 million barrels when only 1.6 million was forecast.
  • Yet despite this, data out shows that traders are positioning themselves against sudden oil price rises.
  • WTI had paired back all of Wednesday’s decline in Thursday trading reaching US$72.34 before the refocus on the inventory accumulation.
  • WTI then declined materially in late trading reaching $69.77 before steadying at $70.33.
  • Oil has had a positive week after last week’s decline with WTI up +1.60%.
  • Brent followed a similar trading pattern reaching US$76.54 before bouncing off $74.00 to steady at $74.56.
  • Brent had a positive week also up just over +2.00%.
  • In the Middle East,  US Secretary of State Antony Blinken met with Saudi Crown Prince Mohammed bin Salman in efforts to find ways to move forward in the Israeli / Lebanon conflict.
  • Blinken had pleaded with Israel to find ways that do not exacerbate hostilities with Iran or it’s militant groups.