BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News


Market Briefing
Thorbjoern Bak Jensen, A/S Global Risk Management Ltd.
03 Feb 2010 11:29 GMT





Thorbjoern Bak Jensen, Global Risk Management Today's Trends

Rotterdam (ARA) fuel oil - Trading $12 higher

Singapore fuel oil - Trading $18 higher

US Gulf - Expected to open $3 higher

Oil prices increased on Tuesday as the mood is changing towards growth and recovery again. Prices were a bit lower during the evening as car sales were lower - crude oil inventories higher than expected.

Today prices are supported by the growth indicators from the service sector in the EU. Later today the equivalent data from the US will be important, combined with the employment reports from ADP and Challenger. Friday the US unemployment rate is released and Wednesday's reports are the first indicator.

Oil in largest gain in four months as investors return to risky assets

US equities increased on Tuesday as UPS showed higher than expected earnings. The company&rsquos activity level is a leading indicator for the economy in whole. Combined with higher than expected manufacturing growth indicators Monday and GDP Friday, investors connected the dots and started to buy risky assets again. US pending home sales &ndash another leading indicator &ndash increased 1% as expected after a grim of 16% in November. Oil prices increased heavily during the day but retraced some of the gains late due to lower than expected car sales and higher crude oil inventories.

API data shows higher crude and heating oil inventories

Crude oil inventories in the USA are indicated higher by the API oil inventory data as imports increased. Demand for diesel and gasoline products are indicated higher as gasoline inventories declined despite forecast of the opposite. Heating oil inventories increased 248,000 - a smaller increase than last week, but still an increase. Refiners should still be under pressure from low heating oil margins. Later today the EIA oil data will show whether the warmer weather will show increasing heating oil numbers too. Oil prices declined on the numbers, but are higher again this morning.

Release: API oil data (Consensus)

Crude: +4,723,000 barrels (+200,000)
Distillates: -1,022,000 barrels (-1,100,000)
Gasoline: -1,159,000 barrels (+1,300,000)

Recommendation

Oil has broken above the 75 dollar level again. The uptrend have recommenced and 71 dollar per barrel seems as the lowest we get in the near future.


Related Links:

Company: A/S Global Risk Management Ltd.

Latest News:

Oil and fuel oil hedging market update
ScanOcean selected as eastern Sweden reseller for Neste's 0.1%S fuels
Oil and fuel oil hedging market update
Global central bank meetings and announcements
Risk minimisation in uncertain times | Geos Group
Bunker Energy takes over Maxcom Bunker's commercial activities
World Fuel Services to launch Pacific Northwest supply operation
Oil and fuel oil hedging market update
Brent remains in the $60s this morning
Oil and fuel oil hedging market update
$60s are hard to hold
Silverstream hails air lubrication uptake ahead of 2020




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events