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Market Briefing
Michael Poulsen, A/S Global Risk Management Ltd.
06 Jan 2015 10:15 GMT





A/S Global Risk Management logo. We are in for another volatile day… (Brent: $52.2)

Oil prices dropped around $3 yesterday and this morning volatility continues to be high.

Saudi Arabia yesterday increased its February oil selling price (OSP) to Asia (more than half of Saudi crude exports go to Asia); but cut selling price to Europe to the lowest since 2009 – Saudi exports to Europe was around 5.4% last year. Last month, Saudi Arabia cut the selling price to Asia to the lowest level ever registered; most likely in an attempt to keep market shares in an abundant market. OSP to the U.S. was cut slightly as well.

Concerns about the situation in Greece, which is potentially leaving the euro-block, also weigh on prices; weakening the euro currency. Greece will hold national elections on 25 January.

Violence continues in Libya, where an offshore oil tanker was attacked. The country is split by two governments; one officially recognized and one faction called Libya Dawn which seized capital Tripoli last summer.

Today is thin in economic market movers other than a row of European Service PMIs and the U.S. Service ISM. Tonight, the weekly API oil inventory data is published; expectations are increases in stocks.


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Company: A/S Global Risk Management Ltd.

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