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A Touch Higher In Asia

OIL

WTI & Brent crude futures sit $1.00 & $0.50 above their respective settlement levels, even as Asia-Pac hours saw a marginal uptick for the USD, with broader risk trading on the backfoot.

  • Crude slid into settlement on Tuesday, with talk of the U.S. reportedly tabling a global price cap on Russian oil, as an alternative to embargoes, providing one source of pressure during Tuesday trade. Elsewhere, news that Venezuela will benefit from the U.S. easing some economic sanctions also fed into price action, per several desks.
  • Note that the latest API inventory estimates allowed the space to correct from Tuesday’s lows, with reports flagging a surprise drop in headline crude tocks, coupled with a larger than expected drop in gasoline stocks (higher gas prices have been a key driver of the latest uptick in oil) and a fall in stocks at the Cushing hub. Meanwhile, the same reports indicated a build in distillate stocks.
  • Weekly DoE inventory data is due later on Wednesday.
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WTI & Brent crude futures sit $1.00 & $0.50 above their respective settlement levels, even as Asia-Pac hours saw a marginal uptick for the USD, with broader risk trading on the backfoot.

  • Crude slid into settlement on Tuesday, with talk of the U.S. reportedly tabling a global price cap on Russian oil, as an alternative to embargoes, providing one source of pressure during Tuesday trade. Elsewhere, news that Venezuela will benefit from the U.S. easing some economic sanctions also fed into price action, per several desks.
  • Note that the latest API inventory estimates allowed the space to correct from Tuesday’s lows, with reports flagging a surprise drop in headline crude tocks, coupled with a larger than expected drop in gasoline stocks (higher gas prices have been a key driver of the latest uptick in oil) and a fall in stocks at the Cushing hub. Meanwhile, the same reports indicated a build in distillate stocks.
  • Weekly DoE inventory data is due later on Wednesday.