---

Fuel oil trend

Rotterdam: $ 4 lower.
Singapore: $ 2 lower.
US Gulf: $ 3 lower.

Oil inventory data coming up - expect some volatility (Brent: $108.3)

According to the Libyan government, the first oil shipment for about ¾ year is expected to leave newly re-opened Libyan port Zueitina soon. The port has been under rebel control since July 2013. At present Libya is producing approx. 285,000 bpd; a considerable decrease from 1.4 mio. bpd last summer.

Today's EIA weekly oil inventories – expectations are builds in crude and distillates stocks and draws in gasoline stock. Yesterday’s API weekly stock info showed a similar result; larger-than-expected build in crude (3.000m), smaller-than-expected build in distillates (0.688m) and smaller-than-expected draw in gasoline stock (-0.049m). A deviation from expectations could cause some volatility in oil prices this afternoon.

Later today, the U.S. ADP Nonfarm Employment Change will be published; two days ahead of the governmental non-farm payroll report on Friday; an indicator of the employment situation in the country. Also coming up is the FOMC statement and interest rate decision (20.00 CET).