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The
monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil edged
higher again in September, rising by $0.87 (0.8 percent) to $107.44 per barrel.
That price increase coincided with a negligible weakening of the dollar, the
lagged impacts of a jump in consumption of 322,000 barrels per day (BPD) to 19.0
million BPD in July (the highest rate of consumption in nearly a year), and a modest
decrease in crude stocks.
The
impact of de-bottlenecking
projects at the Cushing, OK oil storage facility, which was responsible for
some of July’s price jump, appears close to being nearly fully priced in. The monthly
average price spread between Brent crude (the predominant grade used in Europe ) and WTI expanded in August by $1.39, to $4.71 per
barrel.
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Futures
prices retreated, at least in part because Mid-East tensions seem to have moved
off the “front burner.”
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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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