Crude Eases Lower Before EIA Data and WTI Open Interest Increases

Crude futures prices are edging slightly lower before the latest EIA inventory data release and after the JMMC as expected recommend no changes to OPEC production targets.

• US petroleum inventory data due for release at 15:30GMT is expected to show another Cushing build and a gradual recovery in refinery utilisation. Crude and distillate stocks are expected to show a small draw and gasoline inventories are expected to build.
• WTI crude oil aggregate open interest continues to increase but ICE Brent open interest has levelled off. Nymex WTI aggregate open interest has increase to 1.73m contracts from 1.4m in December. Open WTI positions were up at 2.5m at the start of 2021.
• ICE Brent open interest increased strongly during the first half of January but has remained steady since 19 Jan with aggregate open interest today at 2.14m. Interest remains well below the peak of 2.79m in early 2021.
  • Brent APR 23 down -0.7% at 84.9$/bbl
  • WTI MAR 23 down -0.4% at 78.59$/bbl
  • Brent APR 23-MAY 23 down -0.05$/bbl at 0.24$/bbl
  • Brent JUN 23-DEC 23 down -0.08$/bbl at 2.88$/bbl