Prompt WTI traded in a $48.40/$46.42 range through Thursday morning as bearish inputs included additional exports from Iraq following a completion of a deal between the Iraqi government and Kurds to reopen a 150k bpd Turkey-bound pipeline, increased refined product exports from Chinese refiners, bearish DOE stats which showed poor refiner and end-user demand and a (shaky) ceasefire between the Niger Delta Avengers and Nigerian government. On the bullish side, headlines that Iran was open to discussion about production ceilings in Algeria this September sent oil higher by about $1.40 on Tuesday and was revealing of the market’s continued fear of an unlikely OPEC deal. Going forward, we continue to see a choppy, range bound market with WTI between $42-$50.We still feel slightly more bearish than bullish however and would look to fade news items such as Tuesday’s bullish Iran headline run via $5 wide […]