September 13, 2023 14:08 GMT
Crude Eases Back from Earlier Gains Before EIA Data
Crude markets pulls back to the previous close levels ahead of an expected US inventory stocks draw.
- Brent Nov 23 earlier reached a peak just below the first technical resistance level at 92.91$/bbl while WTI has yet to breach the psychological round number at 90$/bbl.
- Crude times spreads are following the move lower but prices are still holding the bullish trend in place since 24 August.
- The EIA weekly petroleum inventory data is due for release this afternoon at 15:30BST. EIA data is expected to show a draw in crude stocks with a small draw in gasoline and small build in distillates according to a Bloomberg survey. Refinery utilisation is expected to decline.
- US CPI data earlier showed stronger than expected core services CPI. General opinion from trading desks: this morning's data does little to change Fed's policy path (no change next week but with a hawkish tone for year end if inflation percolates higher).
- Brent NOV 23 up 0.1% at 92.12$/bbl
- WTI OCT 23 down 0% at 88.81$/bbl
- WTI-Brent down -0.07$/bbl at -3.99$/bbl
- Brent NOV 23-DEC 23 down -0.02$/bbl at 0.71$/bbl
- Brent DEC 23-DEC 24 up 0.18$/bbl at 8.09$/bbl