March 07th, 2014
· US jobless claims fall to three month low
The number of Americans filing new claims for unemployment benefits fell more than expected to a three month low last week as the labor market improved. Today will see the release of monthly job data for the US. In another report Thursday, the Commerce Department said new orders for US factory goods fell 0.7 % in January. Shipments of new orders also fell for the second consecutive month.
· Russia plans big boost in diesel exports
Those fearing a tightness in European gasoil markets following the 2015 ECA changeover should be calmed by yesterday’s news from Russia. Transneft, the national pipeline monopoly, said it planned to triple exports of ULSD to 470 000 bpd from Primorsk from 2016. A crude oil pipeline will be changed converted to be able to carry distillates. Russian refineries are upgrading and Russian oil refiners are under pressure to reduce crude oil exports and rather boost domestic refining.
Crude prices rose slightly yesterday as the relief sell-off from earlier in the week faded. Russian soldiers are still holding Ukrainian military bases at siege, the Crimean parliament has voted to join Russia and the phone conversation between Obama and Putin was not very friendly. All in all the situation remains tense.
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.