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Fuel oil trend

Rotterdam: $ 0 lower. Singapore: $ 4 lower. US Gulf: $ 2 higher.

No (major) oil news. Have a nice weekend (Brent: $109.3)

The situation in the 210,000 bpd Grangemouth refinery just turned 180 degrees. The workers on strike are now facing a lockout. If the Forties Pipeline system is affected by the lockdown, it would act as support to oil prices.

U.S. macro figures

With the U.S. temporary budget now in place, there’s a chance we could start seeing unemployment and oil inventory data later today or Monday. As mentioned in yesterday's briefing, the upcoming figures should not be taken at face value.

Recommendation

The U.S. political stand-off should ultimately result in prolonged QE. Libyan oil output continues to yo-yo. Negotiations on Iran's nuclear program are highly likely to producre a whole lot of nothing. Market dips should be used by consumers to secure hedged (should it suit your budget). We see potential year-end spikes in equity and oil prices.