Crude oil price daily outlook – 20 January

Crude oil price (WTI) fell yesterday very moderately and will probably continue to moderately fall as the week will progress. Today the EIA will issue its weekly report on petroleum stocks, and IEA issued its 2011 outlook. Here is the main news pertaining crude oil price:

Crude oil price fell yesterday very moderately by 0.57%, and as the week will progress it will probably continue to fall mainly since the whole Trans Alaska pipeline shutdown has been resolved and might have artificially influenced oil prices to increase at the beginning of last week.

Today 13.30PM, the Department of Labor will issue its weekly report on US unemployment claims for further details check out the weekly outlook;

Furthermore, today 16.00PM, the EIA will issue its weekly report on petroleum stocks, oil consumption and prices; it’s expected to see a decline in oil stocks; See here the last report on petroleum stocks;

The Trans Alaska pipeline restarted its operations, and seems to reduce the pressures for crude oil price to rise in the US (mainly WTI). This news, however, caused a serious reduction in crude oil stocks in the US, and Bloomberg expects a reduction of 500,000 barrels in oil inventories.

The IEA issued its monthly report regarding the 2010 oil consumption and 2011 projections, according to the report:

“Global oil product demand for 2010 and 2011 is revised up by an average of 320 kb/d on higher-than-expected submissions, reflecting buoyant global economic growth and cold northern hemisphere weather. Global oil demand, assessed at 87.7 mb/d in 2010 (+2.7 mb/d year-on-year), rises by 1.4 mb/d to 89.1 mb/d in 2011.

*All times is GMT

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