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Market Briefing
Michael Poulsen, A/S Global Risk Management Ltd.
09 Nov 2015 10:58 GMT





A/S Global Risk Management logo. Drop in drilling rigs continues; U.S. data improves (Brent: $48.4)

The weekly drilling rig count from Baker Hughes showed another 6 rigs were taken off the market; total rig count is now at 572, the lowest in 5 years. Also on Friday, the U.S. president turned down the "Keystone XL" oil pipeline which could have linked Canada and U.S. pipeline networks, transporting over 800,000 barrels per day.

The much awaited U.S. job report on Friday surpassed expectations with 271.000 new jobs added in October and unemployment rate slightly down to 5.0% (5.1% previous). The news increased market expectations to a December interest rate hike and made the dollar jump and weighed on oil prices.

Over the weekend, Chinese trade data showed weaker than expected imports and exports data. Today is thin on economic data; later this week we will see a row of U.S. and European key data along with Chinese and Japanese Industrial Production data. Due to Federal Government closure on Wednesday, the weekly EIA oil inventory report is postponed till Thursday. Furthermore, this week presents monthly oil market reports from OPEC as well as the International Energy Agency (IEA).


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Company: A/S Global Risk Management Ltd.

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