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Oil Price Update...
Crude prices eased a little yesterday with both WTI and Brent closing down about 75 cents. This week is packed with important economic data releases, with the US non-farm payroll data at the top of the list, followed by the ISM/PMI surveys in both the US and Europe. Standard Bank expects these data releases will be broadly supportive of the oil market. In conjunction with a robust physical market, oil prices are likely to make further gains during the week. However, they remain cautious that the strength in products is unlikely to last as refineries ramp up throughput and warm weather continues to erode demand. Consequently, they have a slightly bearish bias for the next few weeks. In addition, Standard Bank are looking to sell into the strength of product cracks.
(published on 01/31/12)