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MTECHTIPS;-Oil Ends January With a Bang, But Rally Fizzles on Shale Shock

Friday, February 1, 2019 2:14

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MTECHTIPS;-Oil Ends January With a Bang, But Rally Fizzles on Shale Shock

MTECHTIPS-oil Yogi Berra’s celebrated quip on baseball and life rang true for the oil market after a two-day rally and run to $55 per barrel on U.S. crude was cut short by EIA data that essentially showed the agency underestimated the highs in domestic production President Donald Trump’s less-than-optimistic comments on the ongoing U.S.-Sino trade talks in Washington also weighed on the market, as a deal to avert the trade war between the two economic superpowers is viewed as critical for global growth. Trump said on Thursday he probably would have to meet his Chinese counterpart Xi Jinping again face to face to clinch a deal. While New York-traded West Texas Intermediate crude did end with its best January on record as trading closed for the month, Thursday’s sudden reversal sounded yet another ominous warning to OPEC to beware of shale, as it could always catch up with you. WTI settled down 44 cents, or 0.8%, at $53.79 per barrel, after reaching a 10-week high of $55.37. But for the month, it rose 18.5% for its best advance since April 2016. According to Reuters, that near-19% gain also made it WTI’s best January on record

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