ENERGY WRAP – US Crude futures settle at USD 92.10/BBL, down USD 0.02 or 0.02%

ENERGY WRAP – US Crude futures settle at USD 92.10/BBL, down USD 0.02 or 0.02%

The WTI-Brent spread saw tightening into the close today, with WTI finishing in minor positive territory despite the sell-off seen after the NYMEX pit open. Several factors played a part in the initial selling pressure, with WTI crude futures moving through the S2 level at USD 90.87, triggering stops to the downside, overnight Goldman Sachs lowered their 2013 Brent Future forecast due to emerging supply of alternative production in North America, reaction to comments from a PBOC adviser said that a strong economic growth rebound in China is unlikely, and talk of CTA accounts selling WTI crude futures in decent size. Poor US jobless data also added weight to the crude futures, although a better than expected Philly Fed helped reverse the move lower. Natural gas showed a better performance than its energy complex peers, finishing higher by USD 0.12 on the back of forecasts for colder temperatures in November.

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ENERGY WRAP – US Crude futures settle at USD 92.10/BBL, down USD 0.02 or 0.02%
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