Another Crude Build Could Be on the Horizon
Crude oil inventory data could become more bearish soon, predicts one regular Rigzone market-watcher. Keep reading to learn more, along with additional insights about what to watch this week in the oil market.
Andrew Goldstein, President, Atlas Commodities LLC: Over the next few weeks I would look for crude oil inventories to start rising again, dragging the spot price down. Currently the one-year spread is trading around $1.25. I would look for that spread to widen looking out on the curve.
Tom McNulty, Houston-based Principal and Energy Practice leader with Valuescope, Inc.: I plan to keep an eye on Russian production data and export data, such as it is, to see if we can determine if they are cutting production more steeply.
Mark Le Dain, vice president of strategy with the oil and gas data firm Validere: Gas supply continues to surprise to the downside and we expect this to continue. The decline in associated production has played out but has been masked by the cancellation of liquefied natural gas cargoes out of the U.S.
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