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09.10.2013 15:40

Oil: an overview of the market situation

The cost of oil futures declined substantially , while enhancing their earlier losses , after the Energy Information Administration reported a bigger -than-expected gain in U.S. inventories .

Energy Department data on changes in stocks in the U.S. this week:

- Oil stocks rose 6.8 million barrels ;

- Gasoline inventories rose by 0.1 million barrels . ;

- Distillate inventories fell by 3.1 million barrels . ;

- Refining capacity utilization rate 86.0% ;

- Oil terminal in Cushing and decreased by 0.168 million barrels . to 32.62 million bpd.

Also, add that some investors continue to win back messages from the International Monetary Fund, which downgraded the outlook for global growth in 2013 to 2.9 % from 3.2% that had been expected in July, and for 2014 - up to 3 , 6% to 3.8%. The outlook for U.S. economic growth for the current year decreased to 1.6% from 1.7% in 2014 - to 2.6 % from 2.8 %. As for the Asia- Pacific region, the IMF downgraded Japan's economic growth forecast for 2013 to 2% from 2.1 %, while China's GDP will grow by 7.6 % instead of the expected 7.8% in July . In 2014, Japan's GDP will increase by 1.2 % (1.1 % in the previous estimate ), China - 7.3% ( 7.7 % in the July forecast ) .

It should also be noted that , despite the recent rebound in risk appetite due to Obama's intention to nominate Janet Yellen as the new Fed chairman after the departure Bernanke , the market's attention once again shifted to the ongoing crisis in the Congress , where both parties refuse to compromise .

The news of Yellen was not unexpected , since it has become the leading candidate after the previous favorite Larry Summers fizzled out last month after relentless opposition Democrats. However, confirmation that Yellen nominated for the post of head of the Central Bank, will point to the absence of risk of aggressive policy tightening .

But , as expected , the effect of the news of the Yellen gradually fades away , and the players' attention switched back to the situation in the U.S. government and key date coming on October 17. If Congress does not take a bill to raise the debt ceiling, it is unable to service its debt .

Despite rumors of negotiations between Republicans and Democrats , in fact, the situation remains deadlocked and does not receive development.

The cost of the November futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 101.72 a barrel on the New York Mercantile Exchange.

November futures price for North Sea Brent crude oil mixture fell $1.36 to $ 108.82 a barrel on the London exchange ICE Futures Europe.

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