Malcolm Graham-Wood
Independent Analyst
The oil price fluctuated quite a lot yesterday, WTI was down by $1.41 during the day but a good late rally as equities took a risk on approach to commodities left it actually up 36c on the post close board. Brent moved around a bit too, the November contract expired down 44c but the December contract closed up four cents and today is over $50. Those inventory numbers confirmed the API stats and showed a build of 7.6m barrels, seasonal maintenance I have been talking about brought refinery utilisation down to 86% but the gasoline and distillate draws were bigger than expected.
I suspect on Monday all might change when we see the China GDP number but in the meantime the last numbers I saw on how the Chinese were spending their money was tilted towards travel, building 100 new airports assumes some degree of fuel usage!
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