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Japanese prime minister Shinzo Abe's weekend election victory is the headline-maker this morning with both the yen and gold trading lower as his strengthened majority is dulling the appeal of these traditional safe havens.
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/
12 October
asena asena
Hello, Ole!
12 October
asena asena
Thanks for comments
12 October
BHASKAR REDDY BHASKAR REDDY
hi sir. i am planning to invent in crude for long term at which price will buy
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 for Opec and Russia to increase production next year. Opec compliance in September stood at 88%. Headlines from Reuters:
- IEA SEES GLOBAL OIL MARKET "BROADLY BALANCED" NEXT YEAR, "ASSUMING OPEC KEEPS OUTPUT STEADY AROUND CURRENT LEVELS"
- IEA LEAVES GLOBAL CRUDE OIL DEMAND GROWTH FORECAST UNCHANGED AT 1.6 MLN BPD IN 2017, 1.4 MLN BPD IN 2018
- IEA SEES NON-OPEC CRUDE SUPPLY RISING 700,000 BPD IN 2017, UP 1.5 MLN BPD IN 2018 TO REACH 59.6 MLN BPD
- IEA SAYS U.S. CRUDE OUTPUT TO GROW 470,000 BPD IN 2017, UP 1.1 MLN BPD IN 2018
- IEA SAYS SURPLUS OF OIL AND PRODUCTS OVER THE FIVE-YEAR AVERAGE FELL TO 170 MILLION BARRELS IN AUGUST
- IEA SAYS OPEC CRUDE OUTPUT FLAT M/M IN SEPT AT 32.65 MLN BPD, DOWN 400,000 BPD Y/Y; COMPLIANCE WITH DEAL AT 88 PC
https://www.iea.org/oilmarketreport/omrpublic/
12 October
BHASKAR REDDY BHASKAR REDDY
thank you sir
13 October
Martinez Martinez
Hello Ole,How is your health and work doing?

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