During last week, oil prices changed direction from their upward trend during August and the beginning of September and tumbled down throughout most of the week. The difference between Brent and WTI slightly increased but remained at its $17-$19 range. During last week, WTI oil declined by 6.5%; Brent oil, by 4.5%. The oil stockpiles rose during last week by 11.4 M bl.
During last week, crude oil price (WTI) declined by 6.5% and reached by Friday $92.61/b; Brent oil also decreased by 4.5% to $112.29/b; during the month, WTI spot oil fell by 4%; Brent oil, by 2.75%. For the complete oil market weekly analysis at Trading NRG Premium of Brent over WTI – September
The difference between Brent and WTI slightly increased but remained at the $17-$19 per barrel range. During the month the premium rose by 3.6%.
The oil stockpiles increased during the previous week by 11.4 M bl to reach 1,801 million barrels. The upcoming report will be published on Wednesday, September 26th and will pertain to the week ending on September 20th.
Main Oil Related News Items for the upcoming week
Tuesday – U.S Consumer Confidence: according to the recent monthly update, the consumer confidence index fell in August (M-o-M). The current expectations are that the July index may rise; this report might affect commodities markets;
Thursday – U.S Core Durable Goods: This report may indirectly show the changes in U.S. demand for commodities. As of July, new orders of manufactured durable goods rose by $9.4 billion to $230.7 billion; if this report will continue to be positive then it could pull up not only the US dollar but also commodities;
Thursday – Final U.S GDP 2Q 2012 Estimate: In the recent estimate the U.S GDP in the second quarter grew by 1.7%; in the 1Q2012 the GDP growth rate was 1.9%. This shows a decrease in the growth rate for the US's GDP. If there will be a sharp shift in this estimate it could also affect not only the USD but also commodities (for the previous estimate of US 2Q GDP).
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