Saxo Bank | Aug 06, 2013 07:18AM ET
WTI crude oil has been very well supported over the last month and so far it has resulted in the price almost reaching USD 110 per barrel, the highest level since March 2012 while the discount to Brent Crude at one stage reached parity for the first time since 2010. We take a look at some charts so see what is going on.
Refinery demand for crude oil has been higher than normal this summer as plants have used more crude to produce fuels for summer driving demand. Most recent data showed refinery demand was running above 16 million barrels per day, the highest level since the summer of 2007.
The Energy Information Agency (EIA) will release its weekly inventory report tomorrow and a survey conducted by Bloomberg expects reductions in crude of 1.1 million barrels, while both products (gasoline and distillate) are also expected to drop. Most importantly however for the WTI crude traders is that the focus will once again be on Cushing and whether the recent drop in inventories continues.
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