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Market Briefing
Michael Poulsen, A/S Global Risk Management Ltd.
11 Mar 2015 08:45 GMT





A/S Global Risk Management logo. Surprise draw on oil inventories (Brent: $56.6)

Last night, the weekly U.S. oil stocks data showed a surprise draw in crude stock, builds in distillates and gasoline stocks. The draw was 404,000 barrels, where a build of 4.4 mio. was expected. This increases volatility ahead of this afternoon's weekly EIA oil inventory report (15.30 CET).

Chinese industrial production data came out lower than expected this morning; 6.8% versus 7.9% previous; the lowest level for several years - still a level many countries only dream of, but far from e.g. 2011 where Chinese industrial production was around 13%. Not many economic key numbers are due today; ECB President Draghi will speak at a conference in Frankfurt and the UK Manufacturing Production later this morning.

In its monthly report, the Energy Information Administration increases its 2015 domestic oil production forecast while the 2016 is revised downwards. Mainly due to lower oil prices which limits industrial investments and recent drops in oil rig counts.

Saudi Arabian King Salman stressed yesterday that the country will continue investing in gas and oil exploration regardless of the recent oil price drop. Saudi Arabia is said to hold the largest crude oil production capacity in the world and 16% of the world's proven oil reserves.


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Company: A/S Global Risk Management Ltd.

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