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(U2) Corrective Cycle Still In Play

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European and Delayed US Oil Inventory Data Expected

ENERGY

ENERGY – What to watch

  • The latest Genscape European ARA crude inventories will be released today at 09:00BST. Stocks built last week following the seasonal trend. European ARA inventories were in the middle of the 5-year range at 58.39mbbls.
  • Later today the delayed weekly API oil inventory data is due for release after the close at 16:30 EST ahead of the EIA data tomorrow. The current expectation is that crude and refined product stocks will see a small drop in inventory levels this week. Refineries are likely to keep utilization above average with margins still high. The US Energy Secretary is expected to meet oil industry official tomorrow to discuss ways to increase output.

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ENERGY – What to watch

  • The latest Genscape European ARA crude inventories will be released today at 09:00BST. Stocks built last week following the seasonal trend. European ARA inventories were in the middle of the 5-year range at 58.39mbbls.
  • Later today the delayed weekly API oil inventory data is due for release after the close at 16:30 EST ahead of the EIA data tomorrow. The current expectation is that crude and refined product stocks will see a small drop in inventory levels this week. Refineries are likely to keep utilization above average with margins still high. The US Energy Secretary is expected to meet oil industry official tomorrow to discuss ways to increase output.