Crude Extends Decline Ahead of EIA After Unchanged OPEC Plans

Crude extends the earlier decline ahead of the updated EIA petroleum inventory data after OPEC production cuts for this year were left unchanged. Downside pressure comes from economic concerns for the impact on demand of potentially higher for longer interest rates from major central banks.

• The EIA weekly petroleum inventory data is due for release shortly at 10:30ET (15:30BST). EIA data is expected to show a small draw in crude with a small build in gasoline and draw in distillates stocks and another drop in refinery utilisation according to a Bloomberg survey. Cushing is expected to show the first build in seven weeks.
• Earlier today JMMC as expected did not recommend any policy changes while Saudi Arabia and Russia reaffirmed the planned cuts through to year end although will review next month.
  • Brent DEC 23 down -2.7% at 88.47$/bbl
  • WTI NOV 23 down -2.8% at 86.7$/bbl
  • WTI-Brent down -0.03$/bbl at -3.45$/bbl
  • Brent DEC 23-JAN 24 down -0.1$/bbl at 1.63$/bbl
  • Brent DEC 23-DEC 24 down -0.65$/bbl at 8.11$/bbl