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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (163562)	9/29/2023 10:53:40 AM
From: Goose94	Read Replies (1) of 202720

Crude Oil: Price Rally Meets Resistance Despite Bullish Catalysts The expiry of November ICE Brent futures has seen backwardation between the expiring month and the December contract shoot up to a whopping $2 per barrel. At the same time, despite some very bullish news this week, ranging from wafer-thin Cushing stocks to an improving macro outlook in China, oil prices have been rangebound lately as crude remains overbought and any surge above $95 per barrel triggers resistance. With OPEC+ meeting next week on October 4, focus will now move back to Saudi Arabia and the future of its production cuts. Strained Cushing Stocks Stoke Fears of Shortages As crude inventories at the key US storage hub of Cushing, Oklahoma fell to their lowest since July 2022, at 22.0 million barrels, operators are fearing operational risks as oil becomes difficult to remove if tank storage holds less than 20 million barrels. Oilprice.com

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