Growth of the European grounds was of correction nature: talks on the new program of bail to Greece are possible only after the referendum on July 5, meaning high uncertainty until the results come out. Macrostats on the US might pressure the market tomorrow. The number of jobs outside agriculture and unemployment level are expected: at the back of the good numbers by ADP, we might expect improvement of the stats, which the market are to take as a signal of the Fed rate to be upped soon, being favorable to dollar and against the commodity prices.
Main events
Oil reserves grew in the US for the first time in 9 weeks.
Reserves of crude oil in the US according to Energy Department grew last week 2.386 mn bbl, which was a surprise for the market: reserves reduction was targeted 2.5 mn bbl. Reserves grew for the first time within the recent 9 weeks. Oil extraction in the US reduced 9K bbl per day. Unexpected growth of reserves might indicate excessive estimations of the oil demand growth rates in the US. Along with that, reduction rates of extraction in the US remained extremely low and did not even reach the mild forecasts of the Energy Ministry as its earlier outlook provided for 91K bbl per day. Excessive offer preserves at the market, at that, OPEC growth continues: according to the estimation of investors, oil extraction in the states of OPEC grew for June up to 32.1 Mbbl per day – the maximum level from August 2012.
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