WTI and Brent crude futures trade in negative territory despite positive sentiment in equity markets after fiscal cliff news, in WTI the 86.00 handle was broken at the open and prices slipped to session lows. RBOB gasoline saw a large move to the downside on the back of a higher than expected DoE Gasoline Inventory figure. Other responses to the DoE inventories were muted as figures came in line with expectations; ambiguity is seen across the markets with continued protests in Egypt and tensions with Iran. Also weighing on crude futures were the IEA chief’s comments that oil markets are sufficiently supplied, with increased production from North Dakota and Saudi Arabia making up for depressed Iranian exports and resumed operation at Nigerian OML 58 block that had been halted since mid-October due to flooding, the refinery output is 90,000 BPD.
Print 19:31, 28 Nov 2012 - Commodities - Source: RANsquawk
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