“Portway Capital”: Crude Edges Higher As Stock Data Looms

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Portway Capital’s prediction of oil price resilience is proven correct
Portway Capital, the European equity and commodity brokerage who reportedly predicted that oil prices would remain robust despite Saudi production increases appear to have had their suspicions confirmed ahead of the FOMC meeting which will culminate in a rate decision from the Federal Reserve on Wednesday.
Furthermore, a Portway Capital source apparently believes that oil will surge again following the release of this week’s crude oil inventory data Wednesday. Although oil traded within a range today, to many, the choppy trading reflected the calm before the storm. Speculators believe that the market has become increasingly fixated on the level of crude stocks, which have declined for five straight weeks despite apparent falling domestic demand. A 900,000-barrel drop in inventories is expected, according to the Portway Capital source.
Portway Capital traders are also thought to be eyeing Nigeria, where continued militant unrest and a series of strikes have threatened to reduce overall worldwide crude oil output.

(PressReleasePoint)