OIL DROPS BY 0.21% AFTER SURPRISE CRUDE OIL INVENTORY
Sept 18 2014, 2.50 pm GMT
[WTI] The previous was -1.0M, forecasted to rise to -0.9M, but crude oil took everyone by surprise by coming in this week at an Actual of +3.7M.
So where did this oil come from? It seems that rising U.S. crude stockpiles have offset the impending signs of diminished OPEC supply from the recent announcement of the closure of Libya’s Sharara field. David Wech, a JBC Energy GmbH analyst in Vienna, said in a report, “The nationwide build of 3.67 million barrels likely helped set the bearish tone for trading in the U.S.”
Alongside Sharara, the connected Zawiya refinery is also shut.
The shock made traders reticent with futures trading falling by 2% on the average of 100 per day. And though the price of a barrel fell initially to $93.62, it regained its value to stand at $94.56 a barrel, 14 cents up. Even so prices have decreased 3.9 percent this year.
Trading in CFDs involves significant risk to your invested capital
WARNING FOR HIGH RISK INVESTMENTS:
Trading in CFDs is highly speculative; it carries a high risk and is not suitable for all investors. There is a possibility that you may lose part or all of your return on capital and you should therefore not speculate with a capital that you cannot afford to lose. CFDs or any other underlying instruments (Company’s Assets) confer a high degree of risk and can lead to a loss of your invested capital. Please click here to read the full warning on risks incurred.
STOCK.com is a trading name of Leadcapital Markets Ltd, an investment company authorized and regulated by the Cyprus Securities and Exchange Commission (“CySEC”) under license number 227/14. Leadcapital Markets Ltd is located at Treppides Tower, 9 Kafkasou Street, Aglantzia,5th Floor, CY 2112, Nicosia, Cyprus