Around The Barrel – U.S. Crude Oil and Gasoline Outlook

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  • #19695

    EIA reported a huge crude oil storage build…



    The market seems to be very bulled up on oil despite the builds and record production, I get the OPEC promises but will they come through with Iran customers in play? How much is Venezuela factored in?


    After a big price reversal today – from +$55 to $53.50 and a bounce into Asia to $54.20 WTI has dropped sharply to 53.60 again after poor Chinese China PMI

    China Caixin Manufacturing PMI fell to 48.3 in January, the weakest since Feb 2016
    expected was 49.6

    The Australian dollar also sold off after the data.

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