WTI fell from $47 to under $43.40 through Thursday this week with help from a strong USD, growing fatigue among market participants about OPEC’s production ceiling talk and, of course, stubbornly poor refiner demand, weak refining margins, high levels of existing supplies and above forecast output from OPEC, Russia and the U.S. In the near term we are maintaining fair value for WTI in a $42-$50 range and would look to own call spreads for WTI Z16 or Brent F17 on further weakness in flat price. • The EUR/USD’s drop from a Friday high of 1.1341 to a weekly low of 1.1204 played a key role in oil’s recent losses. Looking ahead, we think the most critical event for the oil market in the near term is the U.S. jobs data for August which will shape attitudes on the odds of a rate hike in […]