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Crude Futures Oscillate Around Neutral

OIL

Oil is flat in Asia-Pac trade hovering around neutral levels after rising yesterday. WTI is up $0..01 from settlement levels at $62.95/bbl, while Brent is up $0.01 at $66.43/bbl.

  • Participants are still digesting the news that the OPEC+ group will proceed with plans to increase supply by 2m bpd over the next three months. The group estimates that demand will rebound by 6m bpd in 2021, but were cognizant of risks from coronavirus. OPEC+ will now skip its meeting originally scheduled for today. Elsewhere, Saudi Arabia is in talks to sell a 1% stake in Aramco to "one of the leading energy companies", and could offer a secondary share offering within two years. Data yesterday showed headline crude stocks rose 4.3m bbls, while stocks in Cushing, OK rose 700k bbls. The downstream report was more bullish, distillate stocks fell 2.4m bbls, while gasoline stocks fell 1.3m bbls.
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