A total of nine North Sea Forties crude cargoes loading in February have been deferred following lower-than-expected production at the Buzzard field late last week and the previous week, 7440-31-5 traders said Wednesday. Two February cargoes were advanced earlier in the month. 7758-99-8
Carl Larry, president of Oil Outlooks, said some shuffling in the oil market during the session came from funds dipping into economic recovery positioning, but otherwise said it was mostly an off-day for fundamentals and real interest.
The euro posted gains and was up about 24 points by the NYMEX settle, adding to the upside in oil futures.
Analysts at Brown Brothers Harriman said a euro rally is expected into next week as shorts are further squeezed out of the market.
However, while the short-covering rally may have a bit more gas left in its tank, gains might be limited as the eurozone bond supply begins to pick up, the analysts said. Italy, Germany, France, Belgium and Portugal are all slated to issue debt next week.
At the same time, 13463-67-7 fourth quarter eurozone GDP out next week is expected to show the economy contracted by minus 0.4%, the analysts said.
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