Oil commentary - 14 September 2016

Morning all. Brent closed 1.22 down last night to $47.10 and WTi closed at $44.90 down 1.39. So IEA put the cat amongst the pigeons yesterday didn't they? Not they we all didn't know it but to actually hear it must have hurt a few people. A bit like when you come creeping home a lot later than expected from the pub, you don't hear anything from the wife, you wake up and smell breakfast cooking downstairs so you think you got away with it then bam, you get an iron skillet over the head. All this talk that demand was going to pick up was just that - talk. Hope is a funny thing but is a cruel mistress in the oil market. Apparently API data showed a small build in crude stockpiles. Hmmm, let's wait for EIA data later. Not that stats should still be making any tangible difference, the fundamentals are glaringly obvious for all to see but the market will do what it wants and we wait with boring baited breath like how Joe Hart must feel if he's going to get picked on Saturday. Me thinks we will see a big build and 45's on crude all the way. As always, don't hold me to it. Good day.