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Fuel oil trend

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

Solid U.S. job data and production disruptions in Libya (Brent: $82.4)

The weekly U.S. oil inventories showed lower-than-expected build in crude oil inventories; draws in distillates and gasoline stocks. Combined with improved employment data, oil prices increased slightly yesterday from 4-year low.

Release: EIA oil data (Consensus)

Crude: 0.460M barrels (1.900M)
Distillates: -0.724M barrels (-1.950M)
Gasoline: -1.378M barrels (-1.000M)

Fighting has closed Libya's largest oil field, El Sharara, with a max. production capacity of approx. 340,000 bpd, but running below capacity; at around 200,000; so total output from Libya is most likely down to 600,000 (from 800,000) due to this.

There was no oil-related news from the meeting between Saudi Arabia and Venezuela yesterday; now the Saudi oil minister is heading for a conference in Mexico; the world's 9th largest oil producer; but not an OPEC member.

This afternoon, the EU publishes its Interest Rate Decision followed by a press conference by Mario Draghi; this could cause some volatility as many Euro zone countries have showed deteriorating economic data lately.