Malcolm Graham-Wood
Independent Analyst
Further misery for the oil price and Brent in particular, today the price has fallen back through the 11+ year lows and as I write is trading at $35.32. WTI appears to have been protected by a slightly odd set of API inventory stats which came out after the US close. Whilst the good news was that crude stocks overall drew by 5.6m barrels the bad news was that at Cushing they actually increased by 1.4m barrels and in product, gasoline was a build of 7.1m barrels and distillates were up 5.6m b’s, make something out of that. Tonight’s EIA numbers are forecast to be a modest crude draw…
In Libya the National Oil Company has said that it is subject to attacks from ISIS that are destroying the oil facilities at Es-Sider and Ras Lanat and that it needs help from the international community. Saudi pricing details for February are out and show no change in policy but it is interesting to note that Iran has definitely moderated its views, having been saying that when able it would produce flat out it now suggests that a more ‘responsible attitude’ to oil prices might be better…Finally the dollar strengthened again yesterday and gives no short term respite to the oil market.
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