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A Little Firmer In Asia

OIL

WTI & Brent crude futures sit ~$0.50 & ~$0.60 above their respective settlement levels in Asia, after the benchmarks were essentially flat on Monday.

  • A lack of imminent action from the U.S. re: the release of inventories from its SPR to combat the recent, well-documented rise in gasoline prices has supported crude. White House Press Secretary Psaki once again pointed to the consideration of all of the options available to the Biden administration re: the matter, with markets seemingly tiring of that line of dialect.
  • On the broader supply front, a weather-related closure of Canada's Trans-Mountain pipeline has been noted.
  • A quick reminder that Monday saw marginal upward revisions to the EIA's U.S. shale production estimates for the month of December.
The latest round of weekly API crude inventory estimates is due to be released on Tuesday, as is the IEA monthly oil market report.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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