WTI Crude Tops $50, Breaks Above Key Technical Level

For the first time since August 10th, WTI crude is trading back above $50 (following the biggest crude inventory build in 6 months and a rebound in production last week).

The gains seem driven by refinery restarts and increased IEA/OPEC demand forecasts, and improved OPEC production cut compliance. This move also follows China's lowest crude output since 2009 (amid dismal economic data).

The good news (for now) is that RBOB prices are continuing to slide as refiners and pipelines come back on line after Harvey.

WTI also broke above a key technical level...

“It seems like it’s driven by WTI, with prices above their 200-day moving average,” UBS analyst Giovanni Staunovo says of price increase

Comments

LawsofPhysics Thu, 09/14/2017 - 09:30 Permalink

Again, talking about the "price" of anything in a "market" that does not allow a mechanism for true price discovery is a fool's errand!!!Ask yourself, "do consumable calories and reduced hydrocarbons have any real value?"In the meantime..."Full Faith and Credit"

Truth Eater Thu, 09/14/2017 - 09:39 Permalink

The market controllers have eliminated all the computer jockeys that were overweight to avoid any fat finger events.  When they start bringing in boxes of donuts and pizza for the skinny crew, then we will know what the "free" market will be doing differently. 

Money Mantra (not verified) Thu, 09/14/2017 - 13:08 Permalink

Thia is not making sense. SHEPWAVE foretold this days ago. But makes no sense why it happened. I didn't believe them. Proof that the markets are rigged.

Money Mantra (not verified) Thu, 09/14/2017 - 13:08 Permalink

Thia is not making sense. SHEPWAVE foretold this days ago. But makes no sense why it happened. I didn't believe them. Proof that the markets are rigged.