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27.08.2014 15:40

Oil: an overview of the market situation

The price of oil rose slightly today, continuing to recover from a 14-month low, which was associated with the release of data on oil reserves in the United States. Weekly Report of the Ministry of Energy has shown that commercial oil stocks in the United States last week fell by 2,070 thousand. Barrels - up to 360,475 million barrels. Gasoline inventories decreased by 960 thousand. Barrels and reached 212,314 million barrels. Commercial distillate inventories rose by 1,252 thousand. Barrels, reaching 122,794 million barrels. Experts expected a decrease of oil reserves by 2500 thousand. Barrels, gasoline inventories reduction by 1600 thousand. Barrels and distillate stocks stability. We also learned that the oil reserves in the terminal Cushing last week rose by 0,508,000. Barrels to 20.663 million. Barrels and refinery utilization in the United States increased to 93.5% versus 93.4% a week earlier

Recall yesterday after markets closed the American Petroleum Institute reported that American crude oil inventories fell by 1.3 million. Barrels - up to 361.5 million barrels for the week ended Aug. 22, compared to expectations for a decline of 2.5 million. Barrels . The report also showed that gasoline inventories decreased by 3.2 million. Barrels and distillate inventories rose by 2.4 million. Barrels.

Experts note that the oversupply on the world market constrains growth. "The demand is lower than expected, and in the absence of disturbing events in the geopolitical sphere of power industry continues to be under pressure," - said the expert CMC Markets Michael McCarthy. Also worth noting is that Iraq and Libya increase production, despite political instability, and Iraq retains almost record amount of exports from southern terminals in the fighting with Islamists in the north. Saudi Arabia in June reduced the export volume to the lowest in almost three years due to increased consumption in power plants and oil refineries in the country.

Meanwhile, we add that yesterday for scheduled maintenance again closed Buzzard field in the North Sea, only to resume work at the weekend. At Buzzard field produced oil brand Forties, which is the main component in the basket of oil Brent. However, work on the repair and maintenance carried out this summer and delay the delivery of the North Sea, was not enough to prevent a drop in the price of Brent.

The cost of the October futures on American light crude oil WTI (Light Sweet Crude Oil) to the present moment has increased to $ 93.85 per barrel on the New York Mercantile Exchange (NYMEX).

October futures price for North Sea Brent crude oil mixture rose $ 0.08 to $ 102.68 a barrel on the London exchange ICE Futures Europe.

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