Free Trial

Rally Pauses

OIL

Crude futures are broadly flat, but have recovered earlier losses seen on the back of USD strength; WTI briefly dipped down to $59.51/bbl but has since recovered the $60/bbl handle. WTI is up $0.01 at $60.06/bbl, brent is up $0.11 at $63.46. Given the scale of the rally in oil, the pullback/pause is seen as a technical correction in an overbought market.

  • Though oil has struggled to gain, total US production has fallen by over 30%, the biggest drop ever as central US is plunged into freezing temperatures. Production in the Permian Basin, the biggest oil field in the US, has dropped by 65%.
  • As a note, inventory reports from API and DOE have been delayed by one day, meaning they will released on Feb 17 and 18, respectively.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.