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Praxis Market Update
Nikos Siakavaras, Praxis Energy Agents S.A.
04 May 2017 12:55 GMT





Praxis Energy Agents S.A. logo. Oil extended sharp losses Thursday on supply glut concerns as official data showed U.S. crude stocks fell less than expected. U.S. crude was off $1.00, or 2.09%, at $46.82 at 08:30 ET. Brent crude shed 99 cents, or 1.95%, to $49.80. The Energy Information Administration Wednesday reported a fall in U.S. crude stocks of 930,000 barrels. The forecast was for a draw of 2.33 million barrels in the latest week. The market continues to weigh the impact of higher U.S. production against agreed output cuts by major producers. OPEC and non-OPEC producers have agreed to output cuts of 1.8 million barrels a day in the first half. A decision on whether to extend the accord beyond June is expected at a meeting later this month.

Singapore: Avails are fair. Earliest supply from 8th of May onwards, and according to barge schedule.

Fujairah: Avails are fair. Earliest supply from 12th of May onwards, and according to barge schedule.

Istanbul: Avails are good with earliest delivery dates from 6th of May onwards, and according to barge schedule.


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Company: Praxis Energy Agents S.A.

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