There is very good weather in Saint-Petersburg (Russia) now and a lot of people and some of my colleagues from FBS Company have holydays. But the oil market has no summer vacations. Every day in the oil market happens a thousand of the events. About the events of previous week I would like to write in the Dealbreaker Community.
P.S. I apologise for my long message:)

06/29/2009 Monday
Oil futures ended above $71 a barrel on Monday, rallying after an attack on an oil platform in Nigeria rekindled supply worries. Light, sweet crude for August delivery rose $2,33, or 3,3%, to end at $71,49 a barrel on the New York Mercantile Exchange. Earlier, the contract soared to an intraday high of $72,40 a barrel. Oil prices have rallied 37% over the last three months.
Earlier Monday, the Movement for the Emancipation of the Niger Delta said that it had struck at the Shell Forcados offshore platform in Delta state, the report said. Nigeria is a key exporter of crude. In the currency markets, the dollar was mixed against most other major currencies. The greenback rose against the Japanese yen, while the dollar fell against the euro and the British pound. Dollar weakness typically boosts dollar-denominated commodities such as oil.
Meanwhile, the International Energy Agency revised lower its forecast for global oil demand, but energy traders shrugged it off.
A Japanese news report Monday said China plans to increase its strategic crude-oil reserves by 160% over the next five years.

06/30/2009 Tuesday
Crude-oil futures lowered Tuesday as US data showed faltering consumer confidence and falling home prices, setting back hopes for a recovery and higher oil demand. Despite the loss, oil rallied 41% in the second quarter.
Crude for August delivery fell $1,60, or 2,2%, to end at $69,89 a barrel on the Nymex. Earlier, it had surged as high as $73,38 a barrel, the loftiest level in eight months. Crude rose 5,4% in June, extending its monthly winning streak to five. It has gained 57% in the first half of the year.
A stronger dollar weighed on crude. In the currency market, the dollar strengthened against most of its rivals. Gains for the greenback typically weigh on dollar-denominated commodities such as oil because it makes them more expensive for holders of other currencies.
Also Tuesday on the Nymex, July reformulated gasoline lost 2% to $1,8972 a gallon, while July heating oil fell 3,7% to $1,718 a gallon. The gasoline and heating oil contracts expired on Tuesday.
In Asia, China hiked domestic gasoline prices in announcement late Monday, according to media reports. Retail prices will rise by 8,6% for regular gasoline and by 9,6% for diesel, the reports said. At just over $3 a gallon, Chinese motorists will now pay about one-eighth more for a fill-up than Americans, who were paying an average $2,66 a gallon last week, Reuters reported.

07/01/2009 Wednesday
Oil futures have fallen below $70 a barrel as government data showed crude inventories at a key delivery point rose for the first week in five and gasoline stockpiles increased for a third week. Weak demand pushed up total petroleum product inventories for the 14th consecutive week.
August crude futures fell 2,2%, to $69,89 a barrel on the New York Mercantile Exchange. Oil ended second quarter's trading up 41%, the biggest three-month gain in 19 years.
The Energy Information Administration reported Wednesday that crude oil inventories at Cushing, the delivery point for Nymex crude futures, rose 200,000 barrels to 28,6 million barrels in the week ended June 26, rising for the first week since the week ended May 22.Meanwhile, gasoline inventories increased 2,3 million barrels and distillate stockpiles, which include heating oil and diesel, gained 2.9 million barrels. Gains in both products came bigger than expectations.
The EIA seems to lag the API so we are seeing a drop in crude.
Energy traders also digested a series of economic reports on Wednesday. Companies in the U.S. private sector shed 473,000 jobs in June, according to the ADP employment report released Wednesday. The report comes one day before the Labor Department reports on nonfarm payroll growth for June.
Separately, the pending home sales index rose 0.1% in May after an upwardly revised gain of 7.1% in April, the National Association of Realtors said.
ISM index rose to 44.8% in June from 42.8% in May.

07/02/2009 Thursday
Oil futures tumbled nearly 4% Thursday, reaching their lowest level in one month and posting their third weekly loss in a row, as a disappointing jobs report rekindled concerns over when a recovery may begin to take hold.
The Labor Department said Thursday that nonfarm payrolls shrank by 467,000 in June, a bigger drop than the decline of 325,000 expected by economists. Also weighing on crude prices, the dollar strengthened against most of its rivals. The Labor Department report also showed the unemployment rate ticked higher to 9.5% in June, the highest since August 1983.
August crude futures dropped $2.58, or 3.7%, to settle at $66.73 a barrel on the New York Mercantile Exchange, the lowest closing level for a front-month contract since June 3.
Futures lost 3.5% this week. Trading is closed Friday in observance of the Independence Day holiday.
The Energy Information Administration reported Wednesday that total U.S. petroleum-product inventories rose for the 14th consecutive week as demand remained weak.
The EIA data also showed total crude inventories excluding those in the Strategic Petroleum Reserve marked a decline. The inventories, however, still stood above the upper boundary of the average range for this time of year, according to the agency.
On the fundamentals level, high levels of inventories, low demand and sufficient supply continue to point to lower prices.

07/03/2009
Independence Day holiday in U.S.
So, following the results of a week from June, 23th till July, 3rd 2009, oil quotations have decreased in comparison with the last week. Brent price have fallen to $65,6 per barrel, the decrease for a week has made 4,8%. WTI price has fallen to 3,5% to $66,73 per barrel. We feel crude is due for a correction in the coming weeks.