Crude Steady, EIA Data & Fed Speakers Later May Give It Some Direction

Oil is little changed during APAC trading today after rising around a percent on Wednesday and is finding support from generally positive equities. Brent is up 0.1% to $83.11 having dipped briefly below $83 earlier and WTI is 0.1% higher at $78.02 after a low of $77.87. Crude may find direction later from the EIA data and Fed speakers. The USD is slightly lower.

• Demand concerns persist with China’s consumption outlook uncertain and the Fed minutes signalling that FOMC members are concerned regarding easing too soon.
• Bloomberg reported a US crude inventory build of 7.168mn last week after 8.52mn previously, according to people familiar with the API data, whereas market prompt spreads are pointing to tight supplies. Distillate stocks fell 2.91mn while gasoline rose 415k. The data reflect shortages of refined products which have increased refining margins. The official EIA data is out later today.
• The Fed’s Jefferson, Harker, Cook and Kashkari speak later. Also the ECB’s Tuominen and Fernandez-Bollo appear and the January meeting accounts are published. In terms of data, US/Europe preliminary February PMIs are released, as well as US jobless claims, Chicago Fed index, US existing home sales, final January euro area CPI and Canadian retail sales.