In the week since our last edition of What’s Affecting Oil Prices, Brent rose $0.14/bbl last week to average $67.84/bbl, in line with our expectations. WTI increased $0.13/bbl to average $59.52/bbl. Managed money net positioning increased for both Brent and WTI last week. For the week ahead, we expect both crudes to continue treading water although slanted to the upside. We expect Brent to average $68.25/bbl.

In Houston shipping and refining remains impacted by the recent petrochemical spill. Two refineries continue to curtail operations and gasoline imports fell to zero last week. The EIA’s upcoming weekly report could show a jump in Gulf Coast imports and exports as waterways are reopened. Refining activity may also show an increase.

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Get Access