What's Moving the Oil Markets?
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•Brent
crude futures in London flirted with the $75/bbl level as fund re-entered
the arena on the buy side with bullish geopolitical factors such as Iran,
Nigeria and refinery glitches in Europe still at the forefront of many
traders minds.
•Consensus estimates called
for a 2 million barrel draw in gasoline and a 600,000 barrel draw in
distillates. Crude oil stocks were projected to draw 400,000 barrels,
according to a Platts survey. |
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| •The UN
Security Council will meet Wednesday afternoon to discuss Iran's refusal to
comply with demands that it halt uranium enrichment, its president said.
•In Nigeria, around 500,000 b/d
of oil production remain shut in with no imminent resumption likely. On
Tuesday, the deadline past for oil companies to meet demands of the group
MEND (Movement for the Emancipation of the Niger Delta), the organisation
responsible for recent attacks on oil installations in the country. |
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