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Crude Little Changed Ahead Of Key US Data

OIL
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Oil prices are little changed during APAC trading and close to intraday highs, as markets wait for Q1 GDP and the Fed’s preferred inflation measure core PCE prices. WTI is 0.1% higher at around $82.93/bbl, near today’s high of $82.95. Brent is up 0.2% to $88.16 after a high of $88.18 but has spent some of the session below $88. The USD index is unchanged.

  • EIA reported that crude stocks fell sharply by 6.37mn, but there was little market reaction including in the APAC session. Gasoline inventories fell 634k but distillate rose 1.61mn barrels last week. Refinery utilisation rose 0.4pp to 88.5%.
  • Geopolitical tensions have eased and oil’s associated premium has unwound this week but issues remain with Ukraine striking two Russian oil depots in western Russia and Houthis claiming they had targeted shipping off the Yemeni coast both on Wednesday.
  • Bloomberg is reporting some negative market developments with options showing a bearish skew and the US Oil Fund, biggest oil ETF, recording its largest recorded daily outflow. In addition, refining margins for diesel in Asia are at their lowest in almost a year.
  • Later US Q1 GDP and core PCE prices, March trade, inventories and weekly jobless claims print. Bloomberg consensus is at 2.5% q/q saar for GDP and an elevated 3.4% for core PCE prices. A stronger print would likely weigh on crude as markets worry about the demand outlook.
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Oil prices are little changed during APAC trading and close to intraday highs, as markets wait for Q1 GDP and the Fed’s preferred inflation measure core PCE prices. WTI is 0.1% higher at around $82.93/bbl, near today’s high of $82.95. Brent is up 0.2% to $88.16 after a high of $88.18 but has spent some of the session below $88. The USD index is unchanged.

  • EIA reported that crude stocks fell sharply by 6.37mn, but there was little market reaction including in the APAC session. Gasoline inventories fell 634k but distillate rose 1.61mn barrels last week. Refinery utilisation rose 0.4pp to 88.5%.
  • Geopolitical tensions have eased and oil’s associated premium has unwound this week but issues remain with Ukraine striking two Russian oil depots in western Russia and Houthis claiming they had targeted shipping off the Yemeni coast both on Wednesday.
  • Bloomberg is reporting some negative market developments with options showing a bearish skew and the US Oil Fund, biggest oil ETF, recording its largest recorded daily outflow. In addition, refining margins for diesel in Asia are at their lowest in almost a year.
  • Later US Q1 GDP and core PCE prices, March trade, inventories and weekly jobless claims print. Bloomberg consensus is at 2.5% q/q saar for GDP and an elevated 3.4% for core PCE prices. A stronger print would likely weigh on crude as markets worry about the demand outlook.