WTI (Aug) $75.75 +$1.60, Brent (Sep) $79.63 +$1.13, Diff -$3.88 -47c
USNG (Aug) $2.62 +11c, UKNG (Aug) 67.2p +4.45p, TTF (Aug) €26.1 +€0.5

Oil price

Oil was back on its upward track yesterday and whilst the elusive statement from the KSA regarding the extension of their cuts has yet to be produced it was firmly in the minds of investors.

More concrete was the growing belief in the Russian cutbacks, shipping experts have reported that their crude at sea is at its 6 month low and also India are believed to be looking elsewhere for imports as Russian prices have already gone over the cap level. 

On the economics front the UK inflation numbers impressed markets this morning and whilst of no specific interest have already seen forward rates off the top. I say this as the Eurozone is expected to continue to raise rates to protect France and Germany inflation numbers whilst the likes of Spain, in election week has only 2%, already at target for some. 

Finally the API stats were mixed with the 800/- draw well short of the 2.3m whisper but gasoline drew a big 2.8m some 700/- above analysts guesses. 

Access Malcolm Graham Wood's full update here.   l   KeyFacts Energy Industry Directory: Malcy's Blog