Malcolm Graham-Wood
Independent Analyst
Out in Glasgow yesterday so its a bit of a catch up today and with very little in the way of company announcements the market is very quiet. Yesterday saw the news from China that GDP growth was to be ‘about’ 7% this year after missing last years target by 0.1%, taking no risks here I see. February Opec output was 30.568m b/d with Saudi adding the little extra on the top.
Oil prices remain in a fairly narrow range and listless, this week WTI is up on the week, Brent down with Libya back up and then off and the EIA inventory stats showing a build of 10.3m barrels against the schoolboys consensus of 3.9m, actually schoolboys could forecast better… There has been some military escalation in northeast Iraq as IS appear to be losing ground, yesterday reports had it that they were setting fire to oil wells in Tikrit as they retreated.
Technically, oil is ‘inside the cloud’ as they say with Brent having support at $60.32 and resistance at $63.42, that is a narrow range, not quite what Glencore et al wanted…This afternoon we have Non-Farm Payrolls where expectations are for around 240/- (just in- they were 295/-) and of course the BH rig count…
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