Wholesale #energymarketreport from #bcconsultants today - Oil: UP at $ 115.5/bbl for Brent ICE Why? o Brent 1st nearby yesterday closed above $115/b ($115.26/b), with almost no gain during the day. With WTI losing 43 cents, the transatlantic spread narrowed more than 50 cents to be traded this morning just around -$7/b (-$6.89/b at closing). o Mains events: The EIA weekly report was rather bullish, showing another drop in crude stocks (-1.8 Mb) and gasoline stocks (-1.8 Mb) despite an overall increase of +1.8 Mb of inventories. Crude oil stocks at Cushing hub fell last week for the ninth straight week (-14.9 Mb since June -6) to their lowest level (34.8 Mb) since Feb. 2012, pushing the WTI. The OPEC weekly production weekly report was also published yesterday with Saudi output rising above 10 Mb/b (10.05 Mb/b in August), a highest since records began in 1980, offsetting a plunge in Libyan supply. o Markets will focus today on US job report this afternoon, waiting for votes next week in US about potential military strike on Syria.
Posted on: Fri, 06 Sep 2013 10:14:01 +0000
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