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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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Monday, October 5, 2015

September 2015 Monthly Average Crude Oil Price

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The monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil ticked higher in September ($2.64), to $47.64 per barrel. The price increase coincided with a stronger U.S. dollar, the lagged impacts of a 388,000 barrel-per-day (BPD) increase in the amount of oil supplied/demanded in July (to 20.0 million BPD), and modest retreat in oil stocks. The monthly average price spread between Brent crude (the predominant grade used in Europe) and WTI narrowed by $1.53 in September, to $2.13 per barrel. 
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The latest data shows futures prices dipping lower, but investor Jim Rogers thinks a rebound may be “around the corner.” Despite OPEC pumping near record amounts of oil, China’s imports slowing and U.S. crude stockpiles remaining roughly 100 million barrels above the five-year seasonal average, U.S. benchmark prices have held steady for more than four weeks since plunging to a six-year low at the end of August.
“When there’s bad news and something doesn’t decline, it usually means it’s at a bottom and will be turning,” Rogers said, while admitting, “Whether we’re at a turning point or not, I don’t know yet….” 
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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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