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Praxis Market Update
Nikos Siakavaras, Praxis Energy Agents S.A.
13 Mar 2017 14:13 GMT





Praxis Energy Agents S.A. logo. Oil Monday was near three-month lows as concerns about increased U.S. supply prevailed. U.S. crude was off 13 cents, or 0.27%, at $48.36 at 08:00 ET after dipping below $48. Brent crude shed 6 cents, or 0.12%, to $51.31. Baker Hughes data Friday showed the number of rigs operating in the U.S. rose by 8 in the latest week to 617. That was the eighth weekly increase in a row, with the count now at levels last seen in October 2015. U.S. crude inventories currently stand at a record 528.4 million barrels. Higher U.S. output could cancel out the impact of cuts by major producers. OPEC and non-OPEC producers are pushing ahead with output cuts of 1.8 million barrels a day in the first half. Investors will look to OPEC's monthly report Tuesday for an update on compliance with the cuts.

Singapore: Avails are fair. Earliest supply from 16th-18th of March onwards, and according to barge schedule.

Fujairah: Avails are fair. Earliest supply from 16th-17th of March onwards, and according to barge schedule.

Istanbul: Avails are good with earliest delivery dates from 15th-16th of March onwards, and according to barge schedule.


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Company: Praxis Energy Agents S.A.

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