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24.04.2013 15:40

Oil: an overview of the market situation

Crude oil prices rose today, helped by a government report on oil stocks in the United States. Note that, according to data from the Department of Energy, last week the oil reserves rose by 947,000 barrels, while reaching a level of 388.600 million Note that according to the average estimates of experts, the oil reserves should grow by 2 million barrels. Recall that for the week that ended April 5, stocks reached 22-year high - at 388.900 million addition, it was reported that the consumption of gasoline last week rose by 0,367 million barrels per day to 8.75 million barrels per day, while the oil terminal in Cushing last week rose by 0.035 million barrels to 51.183 million barrels. Meanwhile, a report showed that U.S. distillate stocks rose by 0.097 million barrels to 115.278 million barrels, while gasoline stocks in the U.S. fell by 3.928 million barrels to 217.802 million barrels. At the same time, the U.S. Department of Energy reported that refinery utilization in the U.S. 83.5% versus 86.3% a week earlier.

In addition, we note that futures climbed as much as 1.4% on speculation that the European Central Bank cut its key interest rate to a record low next week to support growth.

Recall that the State Minister Ali al-Dabbagh said yesterday that Iraq may withdraw from the Organization of Petroleum Exporting Countries, if the group does not allow the country to increase production. It is learned that OPEC should make way for 5000000 barrels per day for the Iraqi oil exports in the future. Recall that the country is the second largest producer in the group with the extraction of 3200000 barrels per day.

The cost of the June futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 90.50 dollars per barrel, the lowest intraday level since Dec. 19.

June futures price for North Sea Brent crude oil mixture rose $1.08 to $101.53 a barrel on the London exchange ICE Futures Europe.

Market Focus

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  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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