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Free AccessCrude Higher On Large US Inventory Drawdown, EIA Data Out Later
Oil prices are higher during APAC trading today driven by the industry-reported large US inventory drawdown. Brent is up 0.5% to $86.67/bbl, close to the intraday high of $86.74, while WTI is 0.5% higher at $83.19 after reaching $83.26. The USD index is up slightly.
- Bloomberg reported that US crude inventories fell 9.2mn barrels last week and distillate 740k but gasoline rose 2.5mn, according to people familiar with the API data. The official EIA figures are released later today.
- Geopolitics are worrying markets again but supply/demand fundamentals remain at the fore. They are concerned that Fed easing will be delayed further and weigh on fuel demand and at the same time the driving season is being monitored closely. Upcoming FOMC minutes and payroll data will be important in shaping the outlook. Demand in China, world’s largest oil importer, is also uncertain.
- On the supply side, Bloomberg reported that OPEC output rose in June but the market is also concerned that the hurricane season could impact US output.
- Later the Fed’s Williams speaks at the ECB’s Sintra conference and ECB President Lagarde gives the closing remarks. ECB’s Lane, Cipollone and de Guindos also appear. In terms of data, US June Challenger job cuts/ADP employment, services ISM/PMI, May final durable orders, trade balance, jobless claims and June FOMC minutes are released. There are also June European services/composite PMIs and May euro area PPI data.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.