Archived Summaries

Monday 30 July 2012
Market Close
The oil markets traded marginally down on Monday ahead of a number of major economic reviews this week.  The markets will look to the U.S. Federal Open Markets Committee review on Wednesday and will be watching for indications that the U.S. will introduce some economic stimulus which is more than likely to include some quantitative easing measures which will likely lend support to oil prices.  Later on Thursday eyes will switch to Europe for news of a clear policy response to lower Spanish and Italian Euro bond yields.  Trading was choppy yesterday but Brent traded in a range of $106.99 to $105.58 before settling at $106.20 a barrel, down 27 cents on the day. While on Nymex September ended the session at $89.78 a fall of 35 cents a barrel.  The gas system struggled to balance while Norwegian imports through Langeled wound down from 29MCM to 19MCM, the shortfall was later made up by the LNG facility at Isle of Grain.  LNG flows were stepped up in the afternoon to over 36MCM.  The within day contract finished the session up by 0.50p, while the day ahead added 0.25p to close at 54.10p.  On the curve losses were confined to the near months with August down by 0.42p.