| RSS
Business center
Office
Post trade leads
Post
Rank promotion
Ranking
 
You are at: Home » News » internal »

Crude oil futures stable ahead of US stocks data, Iran sanctions

Increase font size  Decrease font size Date:2018-08-08   Views:378
Singapore — Crude oil futures were largely stable in mid-morning trade in Asia Tuesday as supply-side indicators and geopolitical tensions kept a lid on volatility while inventors awaited fresh fundamental cues from weekly US inventory data.

At 10:40 am Singapore time (0240 GMT), ICE October Brent crude futures were up 12 cents/b (0.16%) from Monday's settle at $73.87/b, while the NYMEX September light sweet crude contract was unchanged over the same period at $69.01/b.
Crude prices have been volatile in recent sessions as the market reacted to an increased supply from OPEC and Russia while weighing the impact of a lack of Iranian barrels in the market due to US sanctions, analysts said.

"Presumably, some market participants expect the huge drop in Iranian oil exports that is on the cards to tighten the supply situation and drive up prices," Commerzbank analysts said.

Discussion around possible waivers from the US for some importing countries were still floating around the market, resulting in uncertainty about the impact the Iranian sanctions will likely have, analysts said.

US sanctions on Iran's oil customers snap back November 4 and could remove up to 1 million b/d of oil from the global market.

"Our goal is to get the import of Iranian oil to zero," a senior US administration official said Monday during a briefing with reporters. "We are not looking to grant exemptions or waivers but are glad to discuss requests and look at requests on a case-by-case basis."

The official declined to say whether any limited waivers had been granted. "We don't disclose private deliberation with other governments over these things," he said.

Prices in mid-morning trade in Asia Tuesday were holding ahead of the release of weekly US inventory data by the US Energy Information Administration on Wednesday.

Analysts surveyed Monday by S&P Global Platts were looking for US crude stocks to have declined by 3.7 million barrels in the week ended August 3.

While US crude stocks typically decline at this time of year, EIA data last week surprised by reporting a 3.8 million-barrel build.

"Market watchers expect slower build in US crude oil inventories," OCBC Commodity economist Barnabas Gan in a note Tuesday. "However, we continue to see further downside in crude oil prices given likely increases in supplies, especially from Saudi Arabia and Russia," he added.

Market participants will look for signals on US inventory levels from a preliminary report due for release by the American Petroleum Institute later Tuesday.

As of 0240 GMT, the US Dollar Index was down 0.05% at 94.145.
 
 
[ Search ]  [ ]  [ Email ]  [ Print ]  [ Close ]  [ Top ]

 
Total:0comment(s) [View All]  Related comment

 
Recomment
Popular
 
 
Home | About | Service | copyright | agreement | contact | about | SiteMap | Links | GuestBook | Ads service | 京ICP 68975478-1
Tel:+86-10-68645975           Fax:+86-10-68645973
E-mail:yaoshang68@163.com     QQ:1483838028