Oil prices fell below the $80-level yesterday, slightly above this morning. Increased uncertainty about OPECs willingness to cut output to end the recent steep oil price drop. Saudi Arabias oil minister commented on the oil market yesterday; declining the presence of a market share war, emphasising the countrys focus on stable prices. OPEC published its monthly report yesterday keeping its expectations to world economic growth and world oil demand for 2014 and 2015 unchanged. According to the report, Saudi Arabia oil output fell to a 7-month low of 69,900 barrels per day in October. Read the entire report here. Mixed data from Asia this morning. Chinese Industrial Production data disappointed; 7.7% versus 8.0% previous. Some Japanese data showed slight increase 2.9% versus 2.7% previous. One day delayed; the weekly oil inventory data from the American Petroleum Institute showed draws in crude and distillates – build in gasoline stocks. We expect some volatility around this afternoon’s official EIA report where builds in inventories and gasoline stocks are expected, draw in distillates. Adding to the volatility is December’s Brent contract expiring today with potential position rolling / profit booking. Today, we will see a row of European inflation numbers and job data and Federal Budget Balance from the U.S. Global Risk Management Ltd.
Posted on: Fri, 14 Nov 2014 06:47:36 +0000
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