Technical & Fundamental Oil Reports Specialists

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Geopolitics in the driving seat

Published Wednesday, July 23rd, 2014

Economics trumped moral principles with EU foreign ministers failing, as expected, to agree to any major tightening of sanctions on Russia. Eurozone economies are in far too a fragile state to take a self-imposed shock. Insults were hurled around including accusations of appeasement and hypocrisy. European Union is rapidly becoming an oxymoron.

With no new sanctions to worry about the stock markets were able to enjoy better-than-expected quarterly results with all the major indices closing higher. The euro hit an eight-month low against the dollar at $1.3460. Both Brent (-35) and WTI (-47) closed lower with no new oil news to feed off.

After the close the API weekly oil stock figures came in with an overall crude draw of 550,000 bbls which was below expectations, but Cushing drew 1.4 million bbls. Distillate built 2.5 million bbls and gasoline 3.6 million bbls, both above expectations. Refinery runs increased by 0.7% to 93.3%.

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Posted by David Hufton