Overview of the oil market for 03.02.10
Dynamics
Quotes of the oil market on Wednesday, February 3 on the basis of bidding closed with a slight decrease in the price of the background data on stocks of petroleum and petroleum products, by strengthening U.S. dollar on the foreign exchange market, FOREX, and also because of the negative dynamics of neighboring markets and stock sites.
On the New York Stock Exchange NYMEH the March futures price for U.S. light crude fell by 0.25, or 0.3%, and its price was 76.98 dollars per barrel.
On the ICE exchange in London, Brent crude futures price fell 0.14, or 0.2%, to 75.92 dollars per barrel.
Causes
On Wednesday, February 3 quotes in the market of “black gold” closed with a decrease in the price of the following factors: 1 - Economic Data - U.S. Department of Energy data showed a reduction in oil demand in the four-week period ended January 29, at 2% , while oil reserves increased by 2,713 million barrels, gasoline stocks fell by 1,306 million barrels, stocks of distillates, which include heating oil and diesel fuel, fell by 0,948 million barrels of refining capacity load factor was 77.7% 2 - Strengthening U.S. dollar in the FOREX market against the background after the release of economic news makrostatistiki and 3 - negative dynamics of stock exchanges, where the major U.S. stock indexes closed in the red zone against the disappointment of some financial reports (Dow Jones industrial average - 10270.55 (- 26.30, or -0.26%), Nasdaq Composite - 2190.91 (0.85, or 0.04%), SP 500 - 1097.28 (-6.04 or -0.55%)), 4 - reduction in adjacent markets, namely the drop in market prices of precious metals; 5 - some market participants chose to take profits on a number of open long positions.
What to expect?
Many analysts point to the fact that oil prices are still within the trading range of 70-80 dollars per barrel and may have potential for further growth. The close relationship between oil prices and the rate of the U.S. dollar is expected to continue to set the tone for trading on the oil market.
Why worry?
The main negative factors in the oil market are U.S. dollar and the technical picture, namely, psychological and technical level of $ 80 per barrel, which does not allow oil prices to go higher, thereby encouraging market participants to take profit on the open long positions.
China is not yet ready to make the world reserve currency yuan
Expert: Ukrainian Government Bonds more attractive
Prosecutor General”s Office filedd1ain the District adminsud Kiev claim for cancellation of the Cabinet on 23 December 2009 № 1375
Trading on Russian sites today carotid, the pressure on the dynamics of exchanges was not very good statistics for Europe
By the end of today”s session on the Russian market will be dominated by neutral dynamics of auction
Amid falling prices for metals stocks look weak metallurgical sector, with the exception of Severstal, which is trading better than the market
Expensive gas reduces the share of Gazprom in the global market
The technical analysis of currency pairs 04.02.2010
Europe against U.S.
