Oil Cover

Oil Market Snapshot – September 2013

  • Brent price on a declining trend since Sep 6th peak: Easing supply concerns (Syria) and rising demand concerns (US budget)
  • Trend reversal looking unlikely: Low price volatility and persistently high Open Interest for ICE Brent futures contracts
  • Contrasted picture in China: Disappointing manufacturing data (PMI), high crude oil inventories vs. low refined fuel stocks
  • Bearish signals overall, in line with Petrologica’s expectations, hence our previous oil price forecast for FY13 and FY14 remains broadly unchanged

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