Brent: traders adjust their positions
Ministry of Energy
US published yesterday (14:30 GMT) the data from which it follows that the oil reserves
in the United States during the week of 13-19 August rose by 2.501 million barrels to 1.4 billion
barrels. Stocks of gasoline, distillates (including diesel) propane and
ethanol also rose. The overall growth of oil and petroleum products was 6.6
million barrels (up to 1.4 billion barrels).
Brent on ICE Futures Europe fell by 1.8%, to 49.05 dollars per barrel.
October crude oil futures on the NYMEX fell by $ 1.33, or 2.8%,
to 46.77 dollars per barrel.
Report oilfield services company Baker Hughes, the number of active drilling
platforms in the United States rose again on the previous week reaching a value of 406
active drilling platforms.
Oil in the United States during the week of 6-12 August rose to its highest level since June.
Tuesday, oil prices rose after reports in the media that the government of Iran
OPEC sent a letter in which they expressed their intention to participate in the
informal talks in Algiers in September. Subsequently, the representative
Iranian Oil Ministry could not confirm that this letter
It has been sent to OPEC on Tuesday. Iran has refused to participate in such
negotiations in April. Saudi Arabia has also refused to negotiate
because Iran’s position, and the meeting of the OPEC member countries was disrupted.
opinion that OPEC countries intend to start negotiations on a production freeze. Russia
also expressed its willingness to cooperate in this direction.
and Saudi Arabia would support a decision to freeze in oil production, the price
Oil may rise sharply.
analysts are skeptical of the oil market both in terms of Iran’s participation in
agreement, and the agreement itself.
the American Petroleum Institute (API), US Department of Energy (EIA), OFS
Baker Hughes company information constitutes a mounting pressure
on oil prices due to the increase as oil reserves, and its production.
the world’s oil supply still exceeds demand, and it is the most important
a negative factor for the future of any significant rise in prices
Financial markets have been trading lower activity due to expectations
Bernanke speech Janet Yelllen at the annual economic symposium in
Jackson Hole (Wyoming). Traders are adjusting their positions. from Yellen
financial market participants are waiting for signals about the possible timing of increase
interest rate in the United States. However, most likely, Yellen will deliver general words about
the current situation, the favorable situation on the labor market and stability
Inflation in the United States. It is unlikely that Janet Yellen will indicate the interest rate increase in
September, and are likely to declare again that the increase in rates this year in the US
it is still possible.
However, surprises are possible, so the speech from Yellen depend on how the dollar
in the currency market and commodity prices, including oil.
scheduled for Friday. Pre-speech time is scheduled for 14:00 (GMT).
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