WTI takes a tumble

摘要

Oil prices are down,as geopolitical concerns recede and US inventories rise. Atlantic basin benchmark North Sea Dated fell by$1.32/bl to$104.46/bl in the week to 31 July,while US marker September WTI tumbled by$3.90/bl to $98.17/bl,its lowest since March,as refinery shutdowns hit midcontinent demand.WTI was down by$7.83/bl on a front-month basis,after August expired. Sour crudes firmed relative to sweeter grades,especially in the Mediterra-nean market.Russian medium sour Urals was supported by expectations of lower exports,while reduced Iraqi Basrah Light sales and the absence of Iraq’s Kirkuk further underpinned values.But a fire at Russia’s 130,000 b/d Achinsk refinery has forced more light sour ESPO Blend into the market,pushing down Asia-Pacific light sour crudes.