Market Briefing

Fri 5 Aug 2016, 08:13 GMT

Short covering gives crude oil prices a boost to end a second day of higher prices.

Short covering gives crude oil prices a boost to end a second day of higher prices

The market leveraged on the inertia created by Wednesday's bullish EIA stats to bring oil prices higher for a second day as short positions were covered. Genscape reported that Cushing crude oil stockpiles saw a slight decrease, singing the same song as EIA data (albeit in a smaller magnitude).

The BOE cut its main Bank Rate from 0.50% to 0.25% and resumed its quantitative easing programme that includes purchases of GBP 60b of government bonds and GBP 10b of high grade corporate debt. According to Market PMI data, the UK economy has shrank at a record pace since Juneâ€™s Brexit vote that went through.

We have US Non Farm Payrolls and Baker Hughes Rig Count data due for release during US trade today.


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		Gulf Marine expands bonded lubricant supply network in China’s Fujian province Company adds supply points in Putian, Ningde and Fuqing, covering 20 terminals across the region.

		Bureau Veritas classifies Excelerate Energy’s new 170,000-cbm FSRU Excelerate Acadia Vessel built by HD Hyundai Heavy Industries features dual-fuel engines and proprietary regasification system.

		Osprey Energy seeks junior bunker trader to support Cebu trading activities from Netherlands Dutch marine fuel supplier targets Cebu region expansion through new training programme for Filipino candidates.

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		RINA partners with Hanwha Group on battery-hybrid propulsion for ro-ro ferries Classification society to provide regulatory compliance verification for hybrid battery systems on newbuilds and retrofits.

		HGK Shipping’s Amadeus Titanium fitted with wind assistance system Coastal vessel equipped with VentoFoils at Dutch port to reduce fuel consumption on Covestro routes.

		Bunker One expands physical supply operations to Tallinn and Finland Marine fuel supplier extends Baltic Sea coverage with new operational presence in Estonia and Finland.