Futures prices for the North Sea Fort continue to consolidate in the range of $50-54 per barrel amid uncertainty about further dynamics of global oil reserves. On one hand, the information from PetroLogistics about the reduction of OPEC production volume by 419,000 bpd in August and the decrease in the cartel's exports by 750,000 bpd As well as the continuing peak of US stocks give grounds to assert that the unceasing pique of American reserves suggest that the "bulls" are running the show. The "bulls" rule, on the other hand, shows that investors greatly think about the question: what will happen when the summer is over?
From the level of the March highs, black gold reserves in the USA decreased by 13%, to 466 million barrels.
The dynamics of US oil reserves and quotations WTI
Source: Bloomberg.
OPEC has the same scenario as mentioned above, although, with regard to the cartel, it is necessary to talk about other time horizons.
Uncertainty and speculation in conditions when some players are on vacation, which allows us to talk about the thin market.
In favor of consolidation, the stabilization of the US dollar price.
Technically, the breakthrough of the upper border of the inner bar near the $ 53 mark per barrel will increase the risks of continuing the northern brent march in the upstream trading channel.
Brent Daily Chart
