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Crude Futures Creep Higher

OIL

Another small bump higher for oil prices in Asia-Pac trade on Wednesday; WTI up $0.45 from settlement levels at $60.63/bbl, Brent is up $0.45 at $64.12. Since mid-March WTI has moved in a range between approximately $62/bbl and $57/bbl with the price coiling in previous sessions.

  • Yesterday OPEC's monthly report upgraded the groups demand forecasts and asserted that the market is capable of absorbing extra supply. "Reductions in surplus inventories as well as an expected pick-up in product demand will pave the way for a cautious recovery of oil market balance in the summer months," the report said.
  • Data from the API yesterday showed headline crude stocks fell 3.61m bbls, the third consecutive draw. A mixed report for downstream products with gasoline stocks rising 5.57m bbls, while distillates fell 3m bbls. Cushing stocks rose 917k bbls. Markets look ahead to US DOE inventory figures in the US session, also on the docket today is the IEA monthly report where markets will assess the agencies outlook for demand and supply.
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