Crude Down Slightly Ahead Of More Fed Speakers

Oil prices are down slightly during APAC trading after rising around 1.5% on Wednesday. WTI is 0.3% lower at $72.30/bbl, close to the intraday low of $72.26. Brent is also down 0.3% to $76.88 after a low of $76.83. The USD index has moved sideways.

• Official EIA data is published later today. Bloomberg is reporting API measured US crude stocks fell 1.2mn barrels in the latest week according to sources familiar with the data. Gasoline rose 2.9mn but distillate fell 0.3mn. Prices eased slightly following the data.
• The market remains nervous about the demand outlook but has become tentatively more optimistic following some Chinese stimulus and the June Fed pause. FOMC chair Powell noted that some tightening will probably be needed but other members sounded more dovish.
• Later the BoE, Norgesbank and SNB decisions are announced. All three are expected to hike rates by 25bp. Also Fed Chair Powell appears before the Senate Banking Committee and the Fed’s Waller, Bowman, Mester and Barkin speak. There is US Chicago & Kansas indices, jobless claims and existing home sales.