Crude weekly new 2607

1
19-07- 09
Oil Market Outlook

• Crude oil benchmark average prices rose amid
  optimism over recovery in the global economy.
• Oil prices have again been tracking rising stock
  markets ,where its showing better than expected
  performance as Dow Jones Industrial Average, for
  example, breached
• the 9,000 mark for the first time since January.
• WTI increased on the back of drop in crude stocks
  by 1.8milbbls and less imports to the US caused
  by less attractive arbitrage from Europe and WAF.
• Dated Brent prices improved over the week,
  although the demand for light sweet grades was
  steady because of stable crack spreads
• Dubai gained the least as its shifted in to
  contango and AG spot market traded at discounts
  for all grades affected by lower refinery run in
  Asia.
• Future Prices
• NYMEX WTI futures prices gained 4.6/bbl from
  last week on renewed hopes of economic recovery
  and rebound in energy demand.
• ICE Bwave improved over the week by 5.20/bbl.
• Inventories (EIA-US stocks)
• Totaloil stocks built by 1.86 mbbls, setting
  another record high at 1,117.55 mbbls.
• Crude oil stocks continued its draws, falling by
  a big 1.8 mbbl to the level of 342.7 mbbl.
• total product stocks built by 3.65 mbbls to
  774.86 mbbls, a record high.
• Crude refinery input fell by a large 326 kbpd
  (2.2) as refiners reacted to the high stocks and
  continued weak demand.
• Total product imports jumped up by 325 kbpd
  (12.8) to 2.87 mbpd, at the bottom of the five
  year range but higher than the levels observed
  recently.
• Geo-politics and News

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US Crude Stocks (000 bbls)