Squawk / 14 September 2016 at 13:32 GMT
Head of Commodity Strategy / Saxo Bank
Denmark
Crude oil has run into renewed selling ahead of the EIA petroleum status report at 14:30 GMT. The monthly reports from Opec and the IEA have helped set the negative tone this week with both looking for an extended period of oversupply. The American Petroleum Institute saw crude inventories rise by only 1.44 mb last week while a BBG EIA survey points to a 4 mb increase. Last week the temporary disruptions to imports triggered a drop of 14.5 mb and the market may be nervous that inventories will show a bigger-than-expected rise.
Gasoline inventories and refinery demand will also be closely watched.
WTI crude (CLV6) currently testing the uptrend from the August low at $44.20/b which coincides with the 200 day moving average.
1y
Pandorra Pandorra
Because of too many supports areas since early Aug in 40-43 range, how do you think Ole, are conditions ready to spike them all definitely, or bulls still possible to cock the bolt like one-two weeks ago. Tnx
1y
Ole Hansen Ole Hansen
@EIAgov oil inventories DROP for a second week. Big build in distillates and slower refinery activity. Production est. rose by 35k bbl. Relative small price reaction
1y
Ole Hansen Ole Hansen
Overview
1y
Pandorra Pandorra
Thanks for sharing Ole..as always you're very timely. so on my view each day gives me more and more clear understanding, alea jacta est, as everything has been divided into before Sep, 9 and after that.

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