• WTI consolidated near the $45 mark this week and achieved just a $2.40 range from Monday through Thursday as Summer Doldrums took effect. News flow and volumes were light with most of the usual suspects (FX, Nigeria, Libya and crude + product gluts) driving small, tired looking moves which never really gained momentum with the exception of Wednesday’s $43.69 print for a two-month low. We continue to see a range bound market for the near term feeling neither strongly bullish nor bearish about $45 oil. On a longer horizon we also continue to feel that an FX + gasoline driven move below $40 would invite significant speculative length into the market and likely be good buying opportunity for flat price and WTI Z16/Z17. • On the bearish side bloated products stocks on a global level, abysmal refining margins, lackluster refiner inputs, more evidence of ‘flattening’ U.S. output via […]