NORGES: RATES PROBABLY AT CURRENT LEVEL QUITE SOME TIME

RATES MAY NEED TO BE ON HOLD LONGER THAN ENVISIONED: NORGES

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MNI China Daily Summary: Tuesday, April 30

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Downstream Dynamics Distract

OIL

OIL: Crude futures are higher in Asia on Thursday; WTI is $0.59 higher than settlement levels last trading at $65.03/bbl, Brent is $0.58 above settlement at $68.48/bbl last.

  • The gains comes amid favourable supply/demand dynamics in downstream products, DOE stockpile data yesterday showed US gasoline inventories and distillate inventories plummeted, falling 11.8 million barrels and 5.5 million barrels, respectively, while implied distillate demand hit the highest since November 2019. This offset a large build in headline crude stocks; inventories rose 13.8m bbls against a 2.7m bbl build expectation. Nominal crude stocks are now 6% above the five-year average.
  • Sentiment was also lifted after the US House of Representatives approved a $1.9 trillion stimulus package. Markets now look ahead to the OPEC Monthly Oil Market Report (MOMR) to provide an outlook on the oil market, slated for release today.
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