Alex von Stachelkopf
Stock exchange news, gasoline. Since February 17 gasoline consumption has dropped by 3.07%, from 8.628 mln. barrels daily to 8.363 mln. barrels daily.
Factors that cast pressure on oil:
1) Rising dollar rate hinders the rise of demand for goods assets, as their prices are indicated in US currency.
2) Increase of oil stocks by 4.16 mln. barrels versus the expected increase by 1.1 mln. barrels.
3) Speech of FRS head Ben Bernanke when he mentioned the possibility of holding a new stage of monetary stimulation.
4) Bloomberg published information about the rise of oil production in OPEC during February by 255000 barrels, to 31.055 mln. barrels daily.
Factors that support price:
1) Shortage of gasoline stocks by 1.60 mln. barrels versus expected 350000.
2) During the fourth quarter of 2011 growth rate of US GDP has risen to 3.0% from 1.8% during July-September, as proved by the second assessment of US Bureau of Economic Analysis at the Ministry of Trade. This factor signals about the rise of energy consumption.
5) During February Chicago Purchasing Manager’s Index has risen to 64.0 (maximal point since April 2011) versus predicted rise to 61.3. This factor signals about the rise of fuel demand.
6) Three-year credits amounting to 529.53 bln. pounds provided by ECB at the predicted volume of 450 bln. euro.
7) News that the USA has already developed a plan of military campaign against Iran.
Alex von Stachelkopf
