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Crude Little Changed, EIA US Inventory Data Out Later

OIL

Oil prices are little changed after falling over a percent on Tuesday. Data showing another US crude inventory drawdown has been unable to lift markets. WTI is down 0.1% to $80.69/bbl after falling to $80.45 and Brent is -0.1% to $83.66 after $83.43. The stronger US dollar weighed on crude yesterday but today the USD index is flat.

  • Bloomberg reported that US crude inventories fell 4.44mn after a 1.9mn barrel drawdown the previous week, according to people familiar with the API data. Gasoline rose 365k and distillate 4.92mn. The official EIA data is released later today and another decline would be the third in a row.
  • After OPEC reported in its July report that the group had produced above its quota in June, Russia has said that it will reduce output further during the summer given it hasn’t met its commitment.
  • Later the Fed’s Barkin and Waller both speak on the economy and the Beige Book is published. June UK CPI and final June euro area CPI print, as well as US June housing and IP data.
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