29 Apr 2014
Brent slips on limited volume
FXStreet (Barcelona) - Malcolm Graham-Wood, Independent Analyst notes that after holding up manfully on the back of the Ukraine crisis, Brent slipped back yesterday, albeit on limited volumes, according to his trading contacts.
Key Quotes
“News that Zueitina port in Libya was finally opening, mentioned here yesterday and before, brought the differential back down a touch as well. Inventory stats in the US tonight are expected to show a further build, consensus at the moment is +1.9m barrels.”
“I monitor retail gasoline and diesel prices in the US as you know and they serve two useful purposes as a rule. A strong trend in either direction can give a clue to economic health one way or another, although one has to ensure that short-term fluctuations are ironed out due to seasonal refinery requirements and markets demands.“
“None is more interesting than the run-up to the driving season which commences on Memorial Day, this year the 26th May. With Gasoline at $3.71 a gallon and diesel at $3.98 the current trend is pretty positive and gives me a fairly good feeling about the US economy but in a fairly modest way. Worth watching over the next month and of course with the FOMC tomorrow and jobs data on Friday could be a lead indicator.”
Key Quotes
“News that Zueitina port in Libya was finally opening, mentioned here yesterday and before, brought the differential back down a touch as well. Inventory stats in the US tonight are expected to show a further build, consensus at the moment is +1.9m barrels.”
“I monitor retail gasoline and diesel prices in the US as you know and they serve two useful purposes as a rule. A strong trend in either direction can give a clue to economic health one way or another, although one has to ensure that short-term fluctuations are ironed out due to seasonal refinery requirements and markets demands.“
“None is more interesting than the run-up to the driving season which commences on Memorial Day, this year the 26th May. With Gasoline at $3.71 a gallon and diesel at $3.98 the current trend is pretty positive and gives me a fairly good feeling about the US economy but in a fairly modest way. Worth watching over the next month and of course with the FOMC tomorrow and jobs data on Friday could be a lead indicator.”