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Energy - What to Watch

ENERGY

• The EIA are expected to release the updated US oil inventory report at 15:30BST today. The release will include the delayed data from the week ending 17th June as well as the scheduled data from week ending 24th June. Data was delayed due to hardware failures, but they were still able to collect data throughout the outage. Expectation is for small draws in both crude and the refined products.

• The latest Genscape European ARA crude inventories will be released today at 09:00BST. Data last week showed a drop taking stocks down towards the lower end of the 5-year range to 56mbbls.

• OPEC meet today ahead of the OPEC+ meeting tomorrow. The expectation is that they will confirm the existing agreement to return production levels to pre pandemic levels by the end of August. Discussions will then turn to whether to increase production where possible or to maintain limited spare capacity for future security. Many members are struggling to meet production targets and compliance with the cuts is as high as 256%.

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