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Praxis Market Update

29 Mar 2017 13:58 GMT

Market update from Praxis Energy Agents S.A.



Oil was higher Wednesday as armed protesters disrupted output in Libya. U.S. crude was up 27 cents, or 0.56%, at $48.64 at 08:00 ET. Brent crude gained 31 cents, or 0.60%, to $51.73. Investors are also mulling the chances of an extension of output cuts by major producers.OPEC and non-OPEC producers are cutting output by 1.8 million barrels a day in the first half. Iranian Oil Minister Bijan Zanganeh said Tuesday an extension of the cuts beyond June is likely. American Petroleum Institute weekly data Tuesday showed a rise of 1.9 million barrels in U.S. crude stocks. The Energy Information Administration is expected to report a 1.357 million barrels rise in crude inventories.

Singapore: Avails are fair. Earliest supply from 1st of April onwards, and according to barge schedule.

Fujairah: Avails are fair. Earliest supply from 4th of April onwards, and according to barge schedule.

Istanbul: Avails are good with earliest delivery dates from 30th-31st of March onwards, and according to barge schedule.






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