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  • Squawk / Wednesday at 12:45 GMT
    Head of Commodity Strategy / Saxo Bank
    Denmark
    Crude oil trading modestly higher on continued geopolitical risks and ahead of today’s weekly stock report from the EIA at 1430 GMT.
    Iraqi forces continue to recapture territory from the Kurds while shipping sources say that flows through the Kurdish pipeline to the Turkish port of Ceyhan have dropped sharply to around 225,000 barrels per day from around 500,000 bpd on Tuesday.
    Oil received a lift yesterday after the API said US oil stocks fell 7.13m barrels last week, more than double what surveys expect the EIA report will show later today. The gains however were somewhat hampered by a rise in both gasoline and distillates and if confirmed by the EIA the latter would represents the first rise in seven weeks.
    NOTE: Export, imports and off-shore crude oil production are all likely to have been impacted by Hurricane Nate which hit the Gulf of Mexico during the reporting week.
    Updates to follow below once the report is out.
    Read the Squawk
    2d
    Ole Hansen Ole Hansen
    US crude oil inventories dropped by 5.7m barrels last week primarily due to Hurricane Nate triggering a 1.15m barrel/day reduction in production. Distillates and gasoline both saw...
    2d
    Ole Hansen Ole Hansen
    Charts
    2d
    Ole Hansen Ole Hansen
    In conclusion: Crude oil inventories dropped with lower production due to Hurricane Nate and second lowest net-import on record more than offsetting a big drop in...
  • 4d
    Ole Hansen Ole Hansen
    Crude oil trading higher by 1% this Monday with headlines from the Northern Iraq the main driver. https://www.bloomberg.com/gadfly/articles/2017-10-15/iran-s-a-distraction-the-urgent-problem-is-kurdish-oil
    Recent headlines from Reuters:
    OIL, NATURAL GAS PRODUCTION FROM KIRKUK PROCEEDING...
  • 12 October
    Ole Hansen Ole Hansen
    Limited market reaction to the EIA report despite seeing the API data being wrong on all three. Hurricane Nate played its part on trade, production and stocks....
    12 October
    Ole Hansen Ole Hansen
    Charts
  • Squawk / 12 October 2017 at 7:14 GMT
    Head of Commodity Strategy / Saxo Bank
    Denmark
    Crude oil trading softer ahead of the 'Weekly Petroleum Status Report' from the U.S. Energy Information Administration (EIA) at 1700CET. This in reaction to a surprise rise in oil and distillate stocks being reported by the API last night (table attached).
    Before then at 1000 CET we get the monthly 'Oil Market Report' from the International Energy Agency (IEA). It was last months report which helped send oil to its recent peak before two consecutive bearish stock report triggered the correction that lasted up until last Friday.
    IEA comments will be posted below once out.
    Link: https://www.iea.org/oilmarketreport/omrpublic/
    Read the Squawk
    12 October
    Ole Hansen Ole Hansen
    Crude oil trading a tad softer as the IEA says oil inventory decline will halt in 2018. A 1.5M b/d rise in non-Opec production leaving no room...
    12 October
    BHASKAR REDDY BHASKAR REDDY
    thank you sir
    13 October
    Martinez Martinez
    Hello Ole,How is your health and work doing?
  • 04 October
    Ole Hansen Ole Hansen
    Oil and gasoline both higher following EIA report which showed a 6M barrel drop in crude stocks and a 1.6M barrel increase in gasoline. Distillate stocks declined...
    04 October
    Ole Hansen Ole Hansen
    Surging US crude oil export once again the big outlier in this weeks report. With additional barrels being moved into the global market it should further reduce...
    04 October
    JJb JJb
    I guess I’m out of these dodgy price reactions on Wednesday. Anything is a reason to sell. I guess US also makes money by exporting some of...
  • 02 October
    AIRLINE AIRLINE
    Hi Ole,

    Interesting what you mention regarding Brent (BZ) at CME as well as Brent/WTI spread. Perhaps you could include this and inform a little about...