fuel oil price stabilizes

SHORT-COMMENT

ICE-Gasoil:

     

Direction:

20.08.14

After prices opened firmer they strengthened and then fluctuated on higher level. Values then erased intraday gains and closed $+2.25.

 

 

Factors:

éShort term technical correction.

éExpectation of a draw in US stocks.

éSpeculations on positive US economy

data.

êWeak demand and improving supplies.

êHopes on a diplomatically solution of the Ukraine crisis after news, that  the leaders of EU, Russia and Ukraine will meet on Aug 26 in Minsk.

NYMEX:

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Direction:     

Starting up with floor trade heating oil fluctuated on firmer level, gasoline rose, crude fell back.

 

 

Factors:

éGood economy data from the USA.

êLibya's output rose to 562 000 bpd.

êCrude: frontmonth expiration.

éGasoline: problems at Irving Oil Ltd's  refinery in St. John, New Brunswick.

éêPosition maneuvering ahead API data.

ACCESS:

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Direction:

Futures steady/firmer.

 

 

Factors:

èéAPI: crude -1.4, distillate -0.6, gasoline -2.1 mln barrels  (forecast: crude -1.5, distillate -0.2, gasoline -1.7 mln barrels).

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