1 May 2014
Oil Price falls on Libyan supply boost
FXStreet (London) - Malcolm Graham-Wood, Independent Analyst comments that the oil price is falling, Brent because Zueitina is about to ship its first shipment and WTI because the EIA stats showed another rise to a new record.
Key Quotes
"Although stocks were only up 1.7m barrels, 0.7m shy of the forecast, down at the Gulf they were worse and the overall number of 399.4 million barrels is a new record. Another interesting stat for you, PADD 1 (East coast) refineries in January took 50% of domestic crude and would you guess the Jan 13 and 11 figure? 18% and 5% respectively, if that doesn’t make you stop and think nothing will!"
"Despite the miserable US GDP numbers, the FOMC continued to blame the weather and cuts back the stimulus by another $10bn so markets continued to rise, indeed the Dow registered another new high. Today is the 1st May so the selling season is upon us, remind me, what day is the St Leger?"
Key Quotes
"Although stocks were only up 1.7m barrels, 0.7m shy of the forecast, down at the Gulf they were worse and the overall number of 399.4 million barrels is a new record. Another interesting stat for you, PADD 1 (East coast) refineries in January took 50% of domestic crude and would you guess the Jan 13 and 11 figure? 18% and 5% respectively, if that doesn’t make you stop and think nothing will!"
"Despite the miserable US GDP numbers, the FOMC continued to blame the weather and cuts back the stimulus by another $10bn so markets continued to rise, indeed the Dow registered another new high. Today is the 1st May so the selling season is upon us, remind me, what day is the St Leger?"