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Crude Range Trading Ahead Of US EIA Data & OPEC Meeting

OIL

Oil prices have range traded during today’s APAC session after selling off on Wednesday ahead of today’s EIA data and Sunday’s OPEC meeting. WTI is little changed at $79.24/bbl following a low of $79.09 and high of $79.42. Brent is around $83.63/bbl after a high of $83.77. The USD index is up 0.1% after rising 0.5% yesterday.

  • Prices look likely to fall in May and this will probably be taken into account at the June 2 online OPEC+ meeting when it considers whether to extend the full 2mbd output cut into H2. US demand and supply and China’s demand will also be important factors. It is expected to extend the reductions but could still surprise on the details of how long and how much.
  • Bloomberg reported a 6.49mn drop in crude inventories, according to people familiar with the API data. Gasoline stocks fell 452k while distillate rose 2.05mn. The official EIA data are released today.
  • Later the Fed’s Williams and Logan speak. In terms of data, there are revised US Q1 GDP, April trade and jobless claims plus Spain’s May CPI and European Commission May survey.
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