Yesterday was all about the ECB and the rate cut and bringing in asset backed security purchases. Not that any of this has much influence on the oil price, we knew European demand was flat all the time, the biggest effect was that the Euro tanked particularly against the dollar making it dearer to buy crude oil.
Today is all about the USA, it non-farm payroll day and a figure of around 225,000 would be in line and yet another above 200,000 number. Yesterday in the US the EIA inventory stats were better than the API numbers with a draw of 905/- in crude oil but more importantly the gasoline draw was 2.3m barrels showing that demand, if only temporarily has picked up. As I say regularly, September is a difficult month in which to draw comparisons as refiners are starting to reduce run rates ahead of October maintenance and consequent fall in demand for crude oil in that time, watch this space.
Finally there is more quality crude on the market, Buzzard has restarted and the Libyan acting Oil Minister said yesterday that exports were at 725/- b/d now and would be 800/- by the end of the month and 1m b/d by the year end. Another thing to watch is the Brent support at $101.50 odd, it has bounced of this level a number of times, falling through it and staying there would be very dangerous indeed.
Today is all about the USA, it non-farm payroll day and a figure of around 225,000 would be in line and yet another above 200,000 number. Yesterday in the US the EIA inventory stats were better than the API numbers with a draw of 905/- in crude oil but more importantly the gasoline draw was 2.3m barrels showing that demand, if only temporarily has picked up. As I say regularly, September is a difficult month in which to draw comparisons as refiners are starting to reduce run rates ahead of October maintenance and consequent fall in demand for crude oil in that time, watch this space.
Finally there is more quality crude on the market, Buzzard has restarted and the Libyan acting Oil Minister said yesterday that exports were at 725/- b/d now and would be 800/- by the end of the month and 1m b/d by the year end. Another thing to watch is the Brent support at $101.50 odd, it has bounced of this level a number of times, falling through it and staying there would be very dangerous indeed.
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