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Saturday, 19 August 2017

Crude Market Shows Enduring Strength Beyond Seasonal Peak - Bloomberg

Crude Market Shows Enduring Strength Beyond Seasonal Peak - Bloomberg:

"The market for physical barrels of crude from places as far apart as Oman and Colombia is strengthening beyond the traditional seasonal peak in demand, a positive indicator for global benchmark futures prices that remain stuck near $50.

Physical differentials -- the price gap between individual grades of crude and widely traded markers like Brent or West Texas Intermediate -- have strengthened over the last two weeks, according to data compiled by Bloomberg. That’s happening even for barrels due to be shipped in late September and October, typically a period of weaker demand due to seasonal refinery maintenance.

"The improvement seen in the physical crude market is persisting beyond the usual summer demand season," said Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd."



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Oil jumps by most in 4 weeks as traders rush to cover short positions

Oil jumps by most in 4 weeks as traders rush to cover short positions:

"Oil traded sharply higher on Friday, jumping by the most in four weeks, with analysts saying the move was triggered by market participants rushing to cover short positions. Brent crude, the global oil benchmark, rose 3.7 per cent to $52.92, while West Texas Intermediate, the US crude marker, was up 3.5 per cent at $48.74. The moves mark the gauges’ best day in more than four weeks. Expectations of stellar US production growth – especially from the US Department of Energy this week – have coincided with separate data showing strong demand growth but also weaker regional output numbers."



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