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Market Briefing
Michael Poulsen, A/S Global Risk Management Ltd.
05 Nov 2015 09:45 GMT





A/S Global Risk Management logo. Oil prices fall below $50 on mixed oil report, Fed comments (Brent: $48.8)

Yesterday's weekly U.S. oil inventory report showed crude oil build for the 6th week in a row sending oil prices back below $50-level. Gasoline and distillates inventories saw draws.

Release: EIA oil data (Consensus)

Crude: 2.847M barrels (2.787M)
Distillates: -1.300M barrels (-1.767M)
Gasoline: -3,300M barrels (-0.969M)
Refinery utilization: 1.10%

Markets interpreted comment by Fed’s Janet Yellen: "…At this point, I see the U.S. economy as performing well…" as increased possibility that there could be an interest hike as soon as December. Along with improved job numbers (ADP nonfarm employment change at 182K versus 180K expected) and ISM non-manufacturing PMI (59.1 versus 56.5 forecast) the dollar increased to 3-month high, which weighed on oil prices. Now eyes are on Friday’s job report for confirmation of the uptick data.
Strikes continue to affect Brazil's oil output and there is no outlook for a swift solution. Note, we have a correction from yesterday's briefing: Brazil is not an OPEC-member, but is among the largest oil producers in the world.

Today is full of European economic data, among others the ECB Economic Bulletin, Draghi speech, interest rate decision in the UK - also a couple of Fed members speak later today.


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Company: A/S Global Risk Management Ltd.

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