Friday, August 30, 2019

Two crude charts that say it all

We are nearly at the end of the third quarter of the current oil trading year and the Oilholic has two relevant charts for you. The first figure below (click images to enlarge), offers a glimpse into the OPEC Crude Basket of its member exporters' prices, and it is currently averaging just shy of $65 per barrel. 

The second figure tracks the Friday closing prices of oil benchmarks year to date, which points to the fact that oil futures, while volatile, are still oscillating in a fairly predictable range, unable to breach a $50 per barrel floor or meaningfully escape a $70 per barrel ceiling.

Figure I

Figure II

As this blogger has said before; oil prices remain range-bound and are going nowhere fast. Keep reading, keep it 'crude' folks!

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© Gaurav Sharma 2019. Charts: Figure I - Direction of OPEC's crude basket. Figure II - Friday closes of oil benchmark prices, year till Friday, 23 August, 2019  © Gaurav Sharma, August 2019