News: 15th May 2012
Crude inventories seen higher
According to a survey by Reuters, the DoE inventory report due out tomorrow is expected to show a build in crude oil inventories of 1.50 mb, unchanged distillate inventories and a rise of 0.2 mb in gasoline inventories.
US unimpressed with India
According to a top U.S diplomat, the US is not too impressed with Indian efforts to cut Iranian imports. Although it has not specified how large cuts must be made to get a waiver from US sanctions. The US will ban companies that trade crude oil from Iran from the US financial system from July 1st unless they make significant attempts to reduce Iranian imports.
North Dakota oil production at record high in March
According to the State Industrial Commission, oil production in North Dakota rose 19 000 bpd in March to 575 000 bpd, a new record high. During the last 23 months, production in North Dakota has doubled.
YESTERDAY’S MARKET
Crude prices fell yesterday on renewed Greek worries following the failure to establish a new government. In addition the news from Saudi Arabia that they would like an oil price of 100 usd/bbl was bearish. News that EU 17 industrial production fell 0.3% in March also pressured prices
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Please note that the information provided hereby merely contains observations and forward-looking expectations which are subject to risk and uncertainties related to e.g. financial and market conditions in relevant markets and may otherwise be subject to change. The purpose of this information is to share insight, which has been reported through common sources or our network. The Wilh. Wilhelmsen Holding ASA group of companies undertakes no liability and makes no representation or warranty for the information and expectations given in this information or for the consequences of any actions taken on the basis of the information provided.
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