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25.09.2013 15:40

Oil: an overview of the market situation

The cost of oil futures rose slightly , rising at the same time above $ 109 per barrel , against reducing the likelihood that new talks on Iran's nuclear program will bring a rapid improvement in relations with the United States . It should be noted that Iran has agreed to talks on its nuclear program with senior diplomats from six world powers , including U.S. Secretary of State John Kerry , but failed attempt to organize a simple handshake between U.S. President Barack Obama and Iranian President Hassan Rouhani on the sidelines of UN General Assembly noted the seated mistrust , which will be difficult to overcome. Rohani told CNN, that does not meet Obama because both parties did not have enough time to really coordinate the meeting.

Add that to the course of today's trading also contributed to the information from the World Bank. As it became known , the World Bank predicts that by 2013 the price of oil (the average nominal price of oil grades Brent, Dubai, WTI) amount to $ 105 per barrel or more, in 2014 - will drop to $ 104 . According to the previous estimate of World Bank , the oil price in 2013 could amount to $ 102 per barrel compared to $ 105 in 2012.

In this case, the WB recalls that in the second quarter of 2013 , oil prices fell and stabilized at a level below $ 100 a barrel amid slowing global trade. However, given the geopolitical situation in Egypt and Syria, supply disruptions from Libya, unstable relations between Belarus and Russia , high utilization of refining capacity in the U.S. and better- than-expected news about the dynamics of world demand , in July, oil prices broke the barrier of 105 dollars per barrel.

Meanwhile, it is worth noting that there were unimportant data from the U.S. Energy Department on changes in stocks over the past week , which showed :

- Oil stocks rose 2.635 million barrels to 358.26 million barrels ;

- Gasoline inventories rose by 0.217 million barrels . to 216.235 million barrels . ;

- Distillate stocks fell 0.234 million barrels . to 130.859 million barrels .

- Refining capacity utilization rate 90.2 % versus 92.5 % a week earlier ;

- Oil terminal in Cushing and decreased by 0.412 million barrels . to 32.847 million barrels .

The cost of the November futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 103.39 a barrel on the New York Mercantile Exchange.

November futures price for North Sea Brent crude oil mixture rose $ 0.75 to $ 109.48 a barrel on the London exchange ICE Futures Europe.

Market Focus

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  • Australian unemployment rate stable at 5.6% in June
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