Search

Client support: Phone: (+357) 22314160

FX & CFD trading involves significant risk

News

Show news:


18.06.2014 15:40

Oil: an overview of the market situation

Prices for WTI crude oil declined moderately, having fallen under the influence of a government report on oil stocks. Meanwhile, the price of Brent crude oil has risen, due to the escalation in Iraq, where the conflict between radical Sunni insurgents and Shiite Iraqi soldiers. According to media reports, the largest oil refinery in Iraq was attacked by Sunni militants on Wednesday.

With regard to the report from the U.S. Department of Energy, it showed:

- Commercial oil reserves in the vaults of the U.S. in the week 7-13 June fell by 579,000 barrels to 386.3 million barrels, while the average forecast assumed their fall by 1.1 million barrels.

- Gasoline inventories rose by 785,000 barrels to 214.3 million barrels (analysts had expected growth of 200,000 barrels).

- Distillate inventories rose by 436,000 barrels to 119.4 million barrels, while analysts had expected an increase of 400,000 barrels.

- Refining capacity utilization rate fell 0.8 percentage points to 87.1% (analysts expected growth rate by 0.8 percentage points).

We also recall that yesterday's report from the Institute of Oil API showed:

- Capacity utilization in the week 87.3% vs. 87.8%

- Distillate stocks last week 0.531 million barrels

- Gasoline inventories last week -0.048 million barrels

- Crude oil inventories -5.7 million barrels

Meanwhile, market participants remained cautious ahead of the Federal Reserve statement. Market analysts predict that the Fed would reduce its bond buying program by $ 10 billion from the current $ 45 billion due to the improved economy. The announcement will be followed by a press conference with Fed Chairman Janet Yellen, amid speculation about the timing of a possible rise in interest rates. The Central Bank will also provide their regular forecasts for economic growth, inflation and interest rates.

Cost of the August futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 105.57 a barrel on the New York Mercantile Exchange (NYMEX).

August futures price for North Sea Brent crude oil mixture rose $ 0.57 to $ 113.85 a barrel on the London exchange ICE Futures Europe.

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • 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
July 2017
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2007
  • 2006
  • 2005
  • 2004
  • 2003
  • 2002

Quotes

All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.

To maximize our visitors browsing experience TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies. If you disagree, you may change your browser settings at any time. Read more

  • © 2011-2017 TeleTrade-DJ International Consulting Ltd

    TeleTrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.

    The company operates in accordance with Markets in Financial Instruments Directive (MiFID).

  • The information on this website is for informational purposes only. All the services and information provided have been obtained from sources deemed to be reliable. TeleTrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.

  • TeleTrade cooperates with SafeCharge Limited, which is an electronic money institution authorized and regulated by the Central Bank of Cyprus and is a principal member of MasterCard Europe and Visa Europe. We also cooperate with Moneybookers and Neteller, which offer electronic e-wallet services authorized and regulated by the Financial Conduct Authority.

    Please read our full Terms of Use.

  • To maximize our visitors browsing experience TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies. If you disagree, you may change your browser settings at any time. Read more

    TeleTrade-DJ International Consulting Ltd currently does not provide its services to residents or nationals of the USA, and also doesn't provide retail Forex and CFD accounts to residents or nationals of Belgium.

Connect with Us
Share on
social networks
Online
consultant
Request a callback
Top Page