Product markets continued strengthening in the Atlantic Basin in February.The deflationary trend is also still an important issue and banking sector-related issues also remain.In the clean tanker market, spot freight rates weakened on all reported routes in February.Economists have been particularly surprised at the higher sectoral numbers for manufacturing, as well as the financial sector, reported by the new data series because this is not reflected in data on factory output and bank credit.
Organization of the Petroleum Exporting Countries Monthly Oil Market Report January 2012 Feature Article: Impact of the Euro-zone debt crisis on the oil market.Crude indicated a surplus of around 54.4 mb, while product stocks remained 32.3 mb below the five-year average.Moreover, the strength of the US dollar may negatively impact exports in the current year.The economy added nearly 400,000 new jobs since March 2014, according to the Iranian Ministry of Cooperatives, Labour and Social Welfare.Both the output and new orders indexes fell by 2.8 bp and 2.5 bp, respectively.Activity in the clean tanker market was affected by the holiday season, as was the case with the dirty tanker market.This view is inconsistent with other macroeconomic indicators that painted a much gloomier picture of the past two years.
The daily aggregate traded volume in both crude oil futures markets increased by 258,761 lots, up 16%, to around 1.92 million futures contracts, equivalent to around 1.9 billion barrels per day.Inflation in the Czech Republic barely increased 0.1% y-o-y in February, while the currency slightly depreciated by 1.3% m-o-m in the same period.However, the composition of FDI in China has changed significantly.Updated production data for 4Q14 from the US, Canada, Norway, Malaysia, Thailand and China led to this adjustment, as well as revisions in the other three quarters of 2014, as well as for 2013 and even 2012.Output from the Buzzard field is also expected to decline this year, which will weigh on UK production.The month-to-month gains in European and Asian oil benchmarks Brent and Dubai reflected healthy demand over the month, largely driven by refiners wanting to tap into rare strong refining margins, particularly in Europe, which came as a result of lower crude oil prices and a strong middle distillates market.Meanwhile, Canada and Russia maintained their positions as first- and second-top product suppliers to the US, while the UK came in third.The inter-month spread must be large to cover the foreseen increase in storage costs.The labour market has significantly improved over the past months and the latest batch of data confirms this trend.
Speculators were not as bullish on the US crude oil market, where they reduced their net length by 14,116 lots over the month.The Euro-zone is now expected to expand by 1.6% in 2011, but by only 0.8% in 2012.The OPEC Secretariat shall not be liable or responsible for any unauthorized use of third party material(s).The latest preliminary January 2015 data for the European Big 4 oil consuming countries shows a slightly increasing trend y-o-y.Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15.
In contrast to the sharp build in US crude commercial stocks in February, total product stocks fell by 25.1 mb to end the month at 736.6 mb, which is around 64 mb or 9.5% above the levels seen at the same time a year ago and 34.8 mb or 4.9% over the seasonal norm.In its Monthly Oil Market Report for December, released Wednesday morning, the Organization of the Petroleum Exporting Countries (OPEC) noted that the.Prices across non-food articles continued to slide for the fourth straight month, driven by a sharp decline in fuel and power prices.OPEC releases monthly Oil Market report data. - Detailed description of one future event on March 14. 2017 - Tmorra.com.Saudi Arabia will only accept limited intervention by OPEC in oil.
Latin America is another main driver for growth among non-OPEC regions in 2015.In 2014, manufacturing FDI declined by 11.3% y-o-y while services FDI rose 11.9%. In addition, FDI has shifted from the coast to inland China.Futures prices declined further amid a deteriorating economic outlook and stronger US dollar.
Shrinking U.S. output and massive cuts to investment in new oil projects will reduce the global oil glut over the course of 2016, OPEC.Inflation increased further in February reaching 7.7% y-o-y, following 7.1% in January.Average spot freight rates for VLCCs declined by 12% in February from the previous month to average WS51 points.Inflation in Argentina increased 20.9% y-o-y in January as the peso depreciated 21.1% y-o-y in the same month.Despite the bearish sentiment seen in the tanker market during February, freight rates remain at healthy levels, showing increases on an annual basis for all selected classes and routes.Oil market highlights Crude Oil Price Movements The OPEC Reference Basket rose in April to its highest value this year supported by various bullish factors.European refinery oil processing in February rose from a year earlier, and buying interest for prompt-loading grades picked up on the back of firm European margins.
As the tax effect as of April will no longer be considered in the yearly comparison, low inflation will once again become an important issue.Russia and Brazil remain in contraction territory, while China is only slightly above the growth level of 50.The total traded volume in Nymex WTI was up sharply at 20.26 million contracts, while ICE Brent was down at 17.05 million lots.Currency markets continue to experience volatility, influenced mainly by the monetary decisions of various central banks, but also impacted by some real economic and political developments.In Russia, the ruble lost 4.8% of its value against the dollar in February over the previous month, signalling the slowest pace of depreciation in four months.
The base effect, together with stubbornly high inflation, a fall in export revenues and challenges to foreign investment, have all resulted in a downward revision of expected 2015 growth to 0.2%.
The year 2014 ended with oil demand growing for the second consecutive year, with gasoline, distillates and jet fuel oil carrying the bulk of these increases.The base effect, as well as stubbornly high inflation, a fall in export revenues, and challenges to foreign investment, have all resulted in a downward revision of anticipated GDP growth for 2015 to 0.2%.In terms of numbers, the sharp rise of the US dollar versus all its major currency counterparts came to a halt with mixed results on average in February.The rebound in the oil complex was also supported in general by optimism that oil prices have reached a bottom, after plummeting by over 60% since mid-year 2014.It will also focus on tax rationalisation and infrastructure investment.OPEC Monthly Oil Market Report News and Updates from The Economictimes.com.Suezmax freight rates dropped further when Aframax rates dropped, making the partial cargo business not feasible any more.
GDP in 4Q14 stood at a healthy seasonally-adjusted rate of 0.3% q-o-q. If annualised, the growth is 1.3%, which is still much lower than growth in the US, but the pickup in Euro-zone activity may lead to higher growth numbers in coming quarters.Meanwhile, this firmer demand coincided with tighter supply in the Atlantic Basin.Jet fuel oil rose by 3.3% due mainly to lower domestic sales, which declined by 12.8%.In February, the ruble lost 4.8% m-o-m of its value against the dollar, signalling the slowest pace of depreciation in four months.The speed of the recovery, however, is very different across its various economies and it is not a broad- based recovery yet.IEA released its Monthly Oil Market Report, it forecasted global demand will continue to fall IEA noted crude oil prices rose in September, citing the OPEC.
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