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Oil’s fundamental backdrop is shifting in favor of the bulls. Today’s decline -- brought on by profit-taking and technical trading -- is exaggerated as money managers and traders book profits and close positions ahead of both the month and quarter’s end.  Source: marketwatch.com - By: Myra P. Saefong & William Watts - Image: AFT/Getty Images
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In some cases, bullish views have started to appear in the oil options market where they're seeing a spike in activity at $100 a barrel. This activity indicates that some oil bulls are betting the price could trade around that level by this time next year (via BOE Report).  Source: boereport.com - By: Reuters Anticipation of rising demand, resumed production of U.S. Gulf Coast refineries following Hurricane Harvey, and Turkey’s threat to halt Kurdistan’s crude shipments pushed oil into a bull market this week. WTI Crude is up at $52.65 and Brent Crude is up at $58.35 this morning.  Source: worldoil.com - By: Rakteem Katakey - Image: Stock Photo The spread is wide between WTI and Brent Crude prices. WTI has a way to go before it could supplant Brent Crude as the global benchmark; it may, however, make inroads in Asia and become more attractive to market participants in the region, potentially making it a tool for hedging and price discovery.  Crude oil tanker passing the Strait of Istanbul (Bosphorus) in November 2015. Source: boereport.com - Editing By: Keith Maxwell - Image: Evgeny Sorokin Research from Citibank US suggests that rather than a surge in oil output, there could be a market squeeze as early as 2018, driven by weak investment in exploration and development. Today WTI Crude is at $51.87 and Brent Crude at $58.35.  Source: bloomberg.com - By: Sharon Cho & Serene Cheong |
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