Emerging markets are taking the brunt of the heat today as the Turkish political situation deteriorates, new doubts emerge about the US-North Korea summit and Italy's populist coalition sparks EU existential worries.
Squawk / 13 July 2016 at 14:42 GMT
Head of Commodity Strategy / Saxo Bank
The energy complex trading lower following the inventory report. Crude inventories fell for an eight week but this was being off-set by rising gasoline and distillate inventories. Production rose by 57k bbl due to a 71k pickup in production from Alaska. Attached table with the market reaction
Ole Hansen Ole Hansen
This comment has been redacted
John Roberti John Roberti
Dear Ole, production is increasing in Alaska and quasi flat in 48 states thus this will not help the glut in world oil stock; furthermore gasoline stocks refuse to decrease but increase by 2,5 MM BPD, thus the holiday US consumption is not increasing significantly thus this report should push back WTI oil to at least 44,50 USD/B. Your opinion would be appreciated
Ole Hansen Ole Hansen
Oil is currently in a tug of war with s/t bearish outlook up against a l/t bullish outlook. This is creating the volatility currently seen. Oil closed at the same level as Monday yesterday but in between it had travelled 9%. The overhang of crude supply has been spreading to products and this should help delay the rebalancing process further.


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