WTI traded in a bearish pattern once again this week taking out last week’s low print and settling $43.41 on Friday following an IEA report with bearishly adjusted supply/demand expectations, a strong USD which sent the DXY to its highest mark since February and further skepticism that OPEC producers will come to a meaningful supply cutting agreement later this month. Prompt spread markets in WTI and brent also continued to decry high levels of existing supplies falling to fresh contract lows while 2H’17 crude spreads as well as spreads in gasoline, heating oil and gasoil told a much more constructive story. We continue to hold a moderately bullish view of oil at the moment expecting a $47-$55 range based on: 1- Tightening gasoline, gasoil and distillate stocks in ARA, NYH and Singapore which are falling back in line with y/y norms opposite modest demand gains 2- […]