Crude Climbs as EIA Cuts 2018 Oil Production Projection

by Tim Bonett, KPI Bridge Oil
Tuesday July 11, 2017

The EIA cut its 2018 oil production projection and the European product inventories fell today.

This was a perfect supply and demand recipe for daily bump, sending prices up 1.5%.

Analysts are expecting US crude inventories to fall by more than 3 million barrels when the EIA releases its weekly report tomorrow.

Bunker prices were somewhat firmer in the primary ports.

WTI August $45.05/BBL UP $0.65/BBL
Brent August $47.52/BBL UP $0.64/BBL