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Crude Up Ahead Of US CPI, IEA Report Due

OIL

Oil prices are marginally higher during the APAC session after OPEC reiterated its positive demand expectations but have been trading in a narrow range ahead of today’s US CPI release. A stronger print would be negative for crude as it may signal further Fed tightening, which could impact energy demand. The USD index is up almost 0.1% and close to today’s high.

  • WTI is up 0.4% to $78.54/bbl after a high of $78.71 followed by a low of $78.37. Brent is also 0.4% higher at around $82.83 after rising to $82.96 and then falling to $82.64.
  • The IEA publishes its monthly report today which will be looked at closely to see if it is in line with OPEC on the demand outlook. OPEC described recent oil moves as driven by “overblown negative sentiment”.
  • API US inventory data is also released. The American Automobile Association has said that the Thanksgiving period will be the busiest since 2019, according to Bloomberg.
  • Later the focus is on October US CPI (see MNI CPI Preview), especially core, but there are also real earnings, UK September labour market data, and Q3 euro area GDP/employment. In terms of speakers, the Fed’s Williams, Jefferson, Barkin, Barr, Mester and Goolsbee speak as well as the ECB’s Lane and Enria.
Energy BulletsCommodities
Energy BulletsCommodities

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