From TD Securities in Toronto:
‘The market was looking for a build and we got a nice little decline here,” Bart Melek, head of global commodity strategy at TD Securities in Toronto, said by telephone. Investors are looking at the EIA data and “hearing what OPEC is saying and the conclusion inevitably is going to have to be that it’s very likely that the U.S. inventory numbers are going to continue to slide.’
As the OPEC reductions hold, as Turkey threatens to halt Kurdish exports, as Iraq and others reach full output capacity and as Asian demand soars, the value of Scottish oil looks like going through the roof.
‘The age of persistently weak oil prices is nearing its end, with demand booming and a supply squeeze in the offing’ Scotland’s oil on verge of price boom
We need that referendum, Nicola.