Front futures have recovered a bit, $105.18 last, down $2.05.
Two from Bloomberg:
WTI Crude Tumbles Most in More Than a Month on Output
West Texas Intermediate crude fell the most in more than a month as U.S. output surged to a 22-year high last week and Chinese manufacturing contracted more than economists estimated.And:
Futures fell as much as 2.2 percent after the Energy Information Administration said crude production rose 0.9 percent to 7.56 million barrels a day, the most since December 1990. Crude and fuel supplies declined, the report showed. The HSBC Holdings Plc and Markit Economics China manufacturing gauge came in at 47.7, according to a preliminary survey of purchasing managers. Analysts surveyed by Bloomberg forecast 48.2....MORE
Bakken Crude Weakens to 7-Week Low as Pipeline Restart Expected
Bakken crude on the spot market weakened to a seven-week low relative to West Texas Intermediate as Enbridge Inc. (ENB) prepared to restart a pipeline delivering to the oil’s pricing point.
Repairs on Enbridge’s Line 81 continued this morning, and the line is expected to return to normal service later today, Houston-based spokeswoman Terri Larson said by e-mail. It’s the main line on Enbridge’s Bakken system, and can deliver as much as 210,000 barrels a day to Clearbrook, Minnesota.
The line was shut July 22 after a 1-barrel leak was discovered in Rugby, North Dakota.
Bakken priced in Clearbrook weakened $1 to a $5-a-barrel discount to WTI at 12:06 p.m., the largest since June 3, according to data compiled by Bloomberg....MORE
Monday:
Oil Looks Extended: "Huge Backwardation In Crude Oil" (and what it means for equities)
