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Market Briefing
Michael Poulsen, A/S Global Risk Management Ltd.
26 Mar 2015 09:27 GMT





A/S Global Risk Management logo. Oil prices are up on geopolitical tensions in the Middle East (Brent: $58.3)

News of an air strike in Yemen by Saudi Arabia and Gulf Arab allies sent oil prices close to $60 overnight. The situation in the country has deteriorated with rebels driving away the president from the capital. Iran warns of further complications of the crisis if the military actions do not stop. Though Yemen is not a big oil producer, fears of the unrest spreading in the Middle East made oil prices increase.

Yesterday's weekly oil inventory report from the EIA showed another huge increase in crude oil stock, 8.17 mio. barrels; while gasoline inventories shrank by around 2 mio. barrels. See below details. Crude oil inventories are now at another 80-year high.

Release: EIA oil data (Consensus)

Crude: 8.170M barrels (5.133M)
Distillates: -0.034M barrels (-0.833M)
Gasoline: -2.014M barrels (-1.633M)
Refinery utilization: 0.9%

On the economic data front, yesterday showed more positive data from Germany while the U.S. core durable goods data disappointed. Today the jobs report is published and a couple of Fed speeches are coming up.


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Company: A/S Global Risk Management Ltd.

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