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Macro Pulse highlights recent activity and events expected to affect the U.S. economy over the next 24 months. While the review is of the entire U.S. economy its particular focus is on developments affecting the Forest Products industry. Everyone with a stake in any level of the sector can benefit from
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Thursday, September 4, 2014

August 2014 Monthly Average Crude Oil Price

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The monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil tumbled in August, falling $7.05 to $96.54 per barrel. That price drop coincided with a slightly stronger U.S. dollar and the lagged impacts of a 317,000 barrel-per-day (BPD) increase in the amount of oil supplied in June (to 18.8 million BPD), but occurred despite further reductions in crude stocks. The monthly average price spread between Brent crude (the predominant grade used in Europe) and WTI expanded by $1.89 in August, to $5.07 per barrel.
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ASPO-USA’s Tom Whipple chalked up the nearly $10-per-barrel July-August price drop to “increasing U.S. shale oil production, which is largely offsetting disruptions elsewhere; weaker demand for oil from China; and the growing belief that neither the worsening Middle Eastern situation nor the Ukrainian - EU standoff would lead to disruptions in oil supplies in the immediate future.”
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The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

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