Oil stumbling again on oversupply concerns

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Gasoline is continuing its charge higher amid ongoing issues relating to the Colonial pipeline. Nonetheless, crude is charging lower into the weekend as oversupply fears weigh and dollar strength returns. Hark, here are six things to consider in oil markets today.

Market_Commentary_Report_4.jpg1) In response to last week’s hugely huge oil draw from weekly inventories, we have put together this free white paper explaining what happened, and how our ClipperData is able to predict such anomalies. Check it out!

2) Counter to expectations, crude output in the U.K. North Sea has not dropped off this year. In fact, projections from Wood MacKenzie show it should continue to rise going forward; they expect it top 1 million barrels per day in 2016, and to continue to rise through 2018 before dropping again.

This is somewhat counter to EIA’s assessment; it sees North Sea production rising