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Crude Oil Unfazed By FOMC, Holds Decline After EIA Data

COMMODITIES
  • Crude oil largely looked through the FOMC decision and press conference, having already pushed lower after the updated weekly EIA petroleum data showed a smaller than expected crude draw with an unexpected drop in refinery utilisation. Gasoline and distillate stocks have gained slightly after small draws with weekly implied demand just slightly higher.
  • Specifically, Crude stocks -600 vs Exp -2,123, Gasoline stocks -786 vs Exp -1,591 and Distillate stocks -245 vs Exp -822
  • Saudi Arabia is expected to extend the 1mbpd oil supply cut again into September according to a Bloomberg survey. 15 of 22 traders, analysts and refiners surveyed by Bloomberg predict it will continue into September.
  • Russia will increase its crude exports in September on the back of higher refinery maintenance according to Reuters sources.
  • WTI is -1.1% at $78.77 having earlier just remained within yesterday’s $79.90 after which lies key resistance at $81.44 (Apr 12 high).
  • Brent is -1.0% at $82.81, pulling back off a high of $83.84 touching yesterday’s $83.85 after which lies key resistance at $85.47 (Apr 12/13 highs).
  • Gold is +0.4% at $1973.03 after two-way trade albeit in a relatively tight range around the FOMC decision and presser. Resistance remains at the bull trigger of $1987.5 (Jul 20 high).
Energy BulletsCommoditiesFOMC Calendar Market News
Energy BulletsCommoditiesFOMC Calendar Market News

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