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Holding Recent Gains As OPEC+ Output Cuts Eyed; U.S Inventory Data Due

OIL

WTI and Brent are ~$0.30 softer apiece, operating within ~$1 of their respective multi-week highs made on Tuesday, with participants on watch for the size of potential output cuts arising from the OPEC+ meeting later on Wednesday.

  • To elaborate on the latter, OPEC+ will meet in Vienna amidst elevated uncertainty over the size of a possible cut in collective output targets, as various source reports in recent days have pointed to quota reductions ranging from 0.5-2mn bpd.
  • Some will also be on the lookout for extra, unilateral output cuts from Saudi Arabia, a measure the kingdom has taken before in the past.
  • Note that RTRS source reports previously highlighted that OPEC+ missed output targets by just under 3mn bpd for Jul, while Argus sources placed quota shortfalls at ~3.4mn for Aug.
  • U.S. API data on Tuesday saw reports point to a large, surprise drawdown in crude inventories, with a decline in gasoline and distillate stocks and a build in Cushing hub stockpiles reported as well.
  • Looking ahead, weekly U.S. EIA data is due, with BBG median estimates calling for a build in crude inventories.
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