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Crude Continues To Fall After Large US Stock Build Reported

OIL

After falling almost a percent on Tuesday, oil prices have continued shifting lower during APAC trading today after US data showed a large crude stock build. Weaker risk sentiment and a slightly stronger US dollar (US index +0.1%) are also weighing on oil and other commodities. WTI is down 0.8% to $80.97 off the intraday low of $80.81. Brent is 0.9% lower at $85.48/bbl after a low of $85.51.

  • Bloomberg reported that there was a significant crude stock build of 9.34mn barrels last week, according to people familiar with the API data. However, gasoline inventories fell 4.44mn, while distillate rose 500k. The official EIA data is out later today, including refining rates.
  • Fed easing, extended OPEC supply cuts, possible resumption of sanctions on Venezuela and geopolitical tensions are all positive for oil prices, but demand uncertainty in China, non-compliance with OPEC quotas and strong supply from the US remain negatives.
  • Later the Fed’s Waller and ECB’s Cipollone and Elderson speak. The March European Commission survey prints.
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