- 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 $70.42.
- Brent followed a similar trading pattern reaching US$76.54 before bouncing off $74.00 to steady at $74.54.
- 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.
- Blinked had pleaded with Israel to find ways that do not exacerbate hostilities with Iran or it’s militant groups.
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OIL: Oversupply Concerns Putting Downward Pressure on Prices.
Last updated at:Oct-24 23:22By: Jamie Grant
Oil Positioning+ 8
- 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 $70.42.
- Brent followed a similar trading pattern reaching US$76.54 before bouncing off $74.00 to steady at $74.54.
- 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.
- Blinked had pleaded with Israel to find ways that do not exacerbate hostilities with Iran or it’s militant groups.
Related bullets
Related by topic
Oil Positioning
OPEC
Freight
Jet Fuel
Gasoline
Fuel Oil
Diesel
Oil Options
Energy Data
