Credit: Shutterstock photoRefined products are drifting lower while WTI is about unchanged to start the last trading session of the week. The price battle lines that have been in play for the last month or so are still driving the direction of oil prices. On the bearish side the slowing of the global economy and subsequent slowing of oil demand growth (see IEA highlights below) have continued to be supported by the vast majority of macroeconomic data hitting the media airwaves from around the globe. On the other side of the equation the evolving geopolitical risk to supply along with the regional tightness of refined products have also continued to be in play as the situation with Syria and Turkey is not going away while inventories of distillate fuel continue to decline during a period of time when they are normally still in a winter building mode (see inventory discussion below).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
