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Crude Holds Onto Losses, US Inventory Data Out Later

OIL

Oil prices are little changed today after falling over the last two trading days. Brent is around $82.46/bbl off the intraday high of $82.63, and WTI is $78.40/bbl after rising to $78.59.

  • Concerns over the US political situation and demand strength from China in the face of disappointing data and yesterday’s rate cuts have weighed on oil prices. This triggered algorithmic selling, according to Bloomberg. But prompt spreads continue to point to a tight market.
  • The last few weeks have seen a sharp crude inventory drawdown in the US and today’s industry data will be monitored to see if that continued last week, especially as there was a rise in both gasoline and distillate stocks.
  • Another quiet day with only the ECB’s Lane speaking and US July Philly & Richmond Fed indices, and June existing home sales released.
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