Free Trial

Headline API Inventory Build Weighs

OIL

A larger than expected headline crude stock build in the weekly API inventory estimates has applied pressure to crude in post-settlement and overnight dealing, leaving WTI & Brent futures over $1.00 softer at typing. The headline build was accompanied by a surprise, albeit modest, uptick in distillate stocks and a shallower than expected drawdown in gasoline stocks. There was also a marginal drawdown in stocks at the Cushing hub.

  • This comes after the benchmark contracts finished little changed on Tuesday.
  • Speculation re: OPEC+'s ability to a continue to lift crude production in line with its plans (+400K bpd/month) seems to have intensified in recent days.
  • Elsewhere, Tuesday saw Iran flag a significant improvement in oil sales, with the country's exports of oil by-products set to resume in the coming weeks.
  • DoE inventory data headlines on Wednesday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.