OIL The latest OPEC mthly report is adding to the bull case for - TopicsExpress



          

OIL The latest OPEC mthly report is adding to the bull case for oil demand with benchmark projections pegging the highest growth since 2010. However, led by the US, global supply is expected to increase, thus trimming the demand for OPEC crude by 250K bpd next yr, whilst global crude stocks are also seen rising. The Cartel already notes these are at high levels. The report noted a fall in its June output of over 300K bpd. But this is estimated from secondary sources that have already been released. Some support specifically for Brent with expressions of concern about N Seas outtages, although the impact on prices so far very muted with Aug13 Brent at Usd 108.10+/brl. Volumes are now rolling into Sep13 Brent (Aug expires next Tue) which is trading at a US 77 cent discount to the front mth. NYMEX hovering around Usd 105 ahead of the US DoE oil stock report (14:30GMT).
Posted on: Wed, 10 Jul 2013 11:36:02 +0000

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