Market Briefing
7 September 2010
This Market Briefing was written by Oil Market Analyst, Thorbjorn Bak Jensen
Trends
Rotterdam (ARA) fuel oil Singapore fuel oil US Gulf fuel oil
Trading USD 3 lower

Trading USD 3 lower

 Expected to open 3 higher

 

Oil declines with the Euro

Oil declines today as the appetite for risk declines on concerns of the health of European banks. Many banks need extra capital to meet new regulation, according to the article. It is including some of the healthier banks as Deutsche Bank, so one can speculate further into how weaker banks will get funds.

 

Other types of pressure came as a storm make landfall between Mexico and Texas without damaging oil facilities.

 

Today, German industrial production orders will be of importance. Usually today we will see the oil inventory data from the American Petroleum Institute, but they are postponed till tomorrow due to the US holiday Monday.

 

Recommendation
 

Prices are in the middle of the 73.2 - 77.5 range.
 

 

Product Change Close Trend
 London      
 ICE Gasoil - Front Month ($/MT) 9,25 648,25 -3,25
 ICE Brent - Front Month ($/bbl) 0,20 76,87 -0,73
 Brent - Prompt delivery ($/bbl) 1,22 76,89 0,02
 New York      
 WTI Crude ($/bbl) 0,00 74,60 -1,14
 NWE      
 Gasoil - 0,1% CIF Cargoes ($/MT) 12,68 655,72 Down
 Fuel Oil - 1% Fob Cargoes ($/MT) 4,11 435,96 Down
 Rotterdam      
 3,5 % Barges Fob ($/MT) 5,63 423,11 Down
 1,5% Barges Fob ($/MT) -0,29 414,09 Down
 Italy      
 3,5% Fob Med ($/MT) 5,66 419,75 Down
 Singapore      
 HSFO 180 CST Cargoes ($/MT) 3,31 447,52 Down
 US Gulf      
 3% Waterborne (Fuel oil) ($/MT) 0,15 420,02 Up