Crude Oil Forecast And Technical Analysis Week Nov 13-17
Fundamentals and the latest news
Latest News: Bahrain said an explosion which caused a fire at its main oil pipeline on Friday was caused by “terrorist” sabotage, linking the unprecedented attack to its arch-foe Iran, which denies any role in the Gulf island kingdom’s unrest
Iraq will export between 30,000 and 60,000 barrels a day of crude from the Kirkuk fields to Iran via trucks until Iraq finishes setting up a pipeline link with its neighbor, according to a ministry spokesman.
Global refining capacity is likely to stay structurally tight medium-term, so any drop in margins is a buying opportunity, according to analysts at Bank of American Merrill Lynch.
The operating rate at Chinese independent refineries rose to 66.46 percent of capacity this week, the highest since 2016, according to data provided by industry researcher SCI99.
Crude oil prices settled lower on Friday, as investors fretted over an uptick in U.S. production but losses were limited as expectations grew that Opec would extend its agreement on output curbs. One of the key fundamentals is growing expectations of OPEC supply cut.