Brent Crude Oil Prices Reached Their Highest
Brent crude oil prices reached their highest in nearly 4 years overnight, trading just shy of $81/barrel after a meeting of OPEC and Friends over the weekend ended with no new pledges to boost oil production.
It seems the cartel agrees that $80/barrel is a high enough price (and some think it’s too high) but the group says it will wait until the November meeting to see how sanctions on Iran will impact global supplies before making any official changes.
Money managers seems a bit conflicted on energy prices last week. Net length held by the speculative category of trader increased for a 4th straight week for Brent contracts, but declined for a 2nd week in WTI and ULSD, while RBOB saw a modest tick higher after dropping last week.
Baker Hughes reported a net decrease of 1 oil rig in the US last week.
RIN values dropped further to multi-year lows last week after the EPA updated its website to provide more information on the Renewable Fuel Standard program.
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Week 2 - US DOE Inventory Recap
Supply Strains, Short Covering, And LNG Growth Shape A Volatile Energy Outlook