Squawk / 28 September 2016 at 14:38 GMT
Head of Commodity Strategy / Saxo Bank
Denmark
As the doors have been closed on the informal Opec meeting in Algiers the EIA has released its weekly petroleum status report. US inventories dropped for a fourth consecutive week, this time by 1.9 M bbl against expectations of a rise.
Imports and refinery activity both slowed while gasoline inventories rose by more than expected. The initial market reaction has been negative with gasoline falling by more than 2%.
28 September
asousa27 asousa27
Ole, in the overall the report seems slightly bullish right?
28 September
Ole Hansen Ole Hansen
The lower inventories are not due to strong demand but more that imports were lower again. Refinery demand slowed and despite of this gasoline inventories still rose. So from looking at the oil inventories only its positive but not when adding the other components.
The meeting in Algiers is now under way so also seeing some position squaring ahead of the outcome.
28 September
Ole Hansen Ole Hansen
Graphical overview
28 September
Jane lim Jane lim
Reports have been showing that several countries have been pumping to their highest output.. So why are crude inventories still falling?
28 September
asousa27 asousa27
Thanks Ole!
28 September
Jane lim Jane lim
If refinery demand is slowing down, why are gasoline inventories still rising?
28 September
Lubo Lubo
Hi Ole, actually what time is the meeting outcome?
28 September
Ole Hansen Ole Hansen
no set time for the conclusion of the meeting
28 September
Ole Hansen Ole Hansen
OPEC REACHES DEAL TO LIMIT OIL PRODUCTION, EXECUTION IN NOV - OPEC SOURCE
28 September
Ole Hansen Ole Hansen
waiting for the details but does not look like a strong deal. Instead a face saving exercise where shorts are being squeezed out
28 September
fxtime fxtime
Agree it is bound to be a facade only. No one wants to look as if they failed to broker a deal.
28 September
MSN28 MSN28
Ole, what do you think the price will look like now?
28 September
Erik Doom Erik Doom
some days ago you mentined we will probably see the crude Oil in the 30 ties in the end of september. We Did short best but now....

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