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Oil inventories and fight for market share (Brent: $56.8)

The weekly oil inventory data from the American Petroleum Institute last night showed a smaller-than-expected build in crude stocks; 1-600M versus 3.700M expected. Now the weekly EIA data this afternoon will be followed closely for confirmation of this trend. The EIA yesterday stated in a monthly report that it expected the 2015 domestic oil output to be around 9.3 mio. barrels per day; just a tad down from last month's report (9.31 mio. bpd.).

The Greek debt situation will be on the agenda today and tomorrow when the euro zone finance ministers meet; whether a solution will be found remains unclear. Both parties seem cornered with statements like Greece's Prime Minister stating that there is "no way back" and on the other hand, euro zone finance ministers expect "binding" comments from the Greek finance minister on the way forward for Greece.

Russia declared a breakthrough in peace negotiations over Ukraine; however, the rebels denied this and thus the crisis seems unresolved and fighting continues. The EU has agreed on additional sanctions on Russia, but they will not be implemented until next week, awaiting ongoing peace negotiations between Germany, France, Russia and Ukraine.

The fight for oil market shares in Asia continues; like Saudi Arabia did last week, now Iraq and Iran have also cut their crude selling price for March to Asia to the lowest level in more than a decade.