Free Trial

Crude Little Changed In Asia


WTI and Brent crude futures are essentially unchanged vs. Tuesday’s settlement levels as of typing, after a brief look above Tuesday’s high during Asia hours. A reminder that a lack of fresh, meaningful hawkish inferences from Fed Chair Powell supported broader risk assets during the second half of NY trade on Tuesday, as the major oil benchmarks added the best part of $3.00 apiece.

  • •Reports pointed to a smaller than expected drawdown in headline crude stocks in the latest round of API inventory estimates, which was coupled with a drawdown in stocks at the Cushing hub. Meanwhile, gasoline stocks saw a far sharper than expected build, per the same reports. Distillate stocks rounded off the report, experiencing a slightly wider than expected build. The net impact of the report was marginally bearish when it came to the immediate reaction in crude prices, with the builds on the product side dominating the drawdowns outlined above.
  • •Weekly DoE inventory data out of the U.S provides the focal point for participants on Wednesday.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

To read the full story



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.