- U.S. crude oil climbed 3% today to $52.22/bbl, posting its highest closing level in five months, while Brent crude jumped 3.8% to $59.02/bbl, touching its highest since July 2015.
- WTI now has gained more than 20% from its June lows, meeting the definition of a bull market, as data shows major producers’ strong commitment to their supply cut agreement and as talk grows of a likely extension of the deal.
- “It’s all driven by the idea is that the production cut is starting to work and the rebalance is underway,” says Gene McGillian, director of market research at Tradition Energy, even as concerns about U.S. production growth widened the discount of WTI to Brent crude to the highest since August 2015.
- Another factor behind Brent's outperformance is the risk of a disruption to flows from Iraqi Kurdistan amid today's independence referendum by the Kurdistan Regional Government, which sparked a threat by Turkey's Pres. Erdogan to cut off the Ceyhan pipeline that carries the Kurdish region’s entire oil production - 500K-600 bbl/day - to the outside world.
- ETFs: USO, UNG, XLE, OIL, UGAZ, UWT, UCO, DGAZ, VDE, DWT, ERX, XOP, SCO, OIH, BNO, BOIL, GASL, FCG, DBO, ERY, GAZ, DIG, DTO, BGR, XES, USL, FENY, DUG, IYE, GUSH, KOLD, IEO, DRIP, UNL, FIF, DNO, IEZ, GASX, PXE, NDP, OLO, PXI, RYE, SZO, PXJ, FXN, DCNG, OLEM, CRAK, DDG, NANR, OILK, WTIU, OILX, WTID, USOI, JHME, ERYY, FTXN, ERGF, GAZB
- Now read: Looking To Buy A Dip In Crude Oil
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Crude oil rallies amid talk of OPEC production cut deal extension
Published 09/25/2017, 03:44 PM
Crude oil rallies amid talk of OPEC production cut deal extension
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