The front-month contract for WTI crude oil soared to a 4-month high of 101.38 on in the midweek before retreating and ending the week at 100.3. Adding +0.42% on weekly basis, the gain was supported by strong domestic demand and refinery runs. For instance, Crude storage at Cushing fell -2.6 mmb while Gulf Coast refinery runs rose +200K bpd during the week. We believe price would be rather range-bounded in coming weeks.
Originally posted here:
Weekly Fundamentals – Crude Oil’s Rise to Lose Steam, Range-bound Trading Expected in Coming Weeks
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