8 May 2014
Oil prices higher on China
FXStreet (Edinburgh) - Malcolm Graham- Wood, Independent Analyst, noted the recent Chinese data was behind the higher prices of crude oil.
Key Quotes
“The oil price rose yesterday as a number of factors had an impact, none more so than the Chinese data which came in two forms. The economic stats which beat consensus were good, particularly in the export figures whilst the oil numbers were even more surprising. Crude oil imports for April were up 22.4% m/m and the y/y figure was up 11.5%, I had speculated that they would be buying more a little while ago but this figure was even higher than that”
“The EIA inventory numbers were similar to the API ones the day before and therefore caught the Wall Street scribblers off guard once again but that comes as no surprise. A crude draw of 1.8m barrels was set against forecasts of a build of 1.4m and given refineries are buying ahead of the driving season was no great surprise. Finally it seems that President Putin is being a tad more conciliatory regarding the Ukraine but then again when did we ever believe anything on that front”.
Key Quotes
“The oil price rose yesterday as a number of factors had an impact, none more so than the Chinese data which came in two forms. The economic stats which beat consensus were good, particularly in the export figures whilst the oil numbers were even more surprising. Crude oil imports for April were up 22.4% m/m and the y/y figure was up 11.5%, I had speculated that they would be buying more a little while ago but this figure was even higher than that”
“The EIA inventory numbers were similar to the API ones the day before and therefore caught the Wall Street scribblers off guard once again but that comes as no surprise. A crude draw of 1.8m barrels was set against forecasts of a build of 1.4m and given refineries are buying ahead of the driving season was no great surprise. Finally it seems that President Putin is being a tad more conciliatory regarding the Ukraine but then again when did we ever believe anything on that front”.