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IEA, Genscape and EIA all Updated Today

ENERGY

ENERGY -What to watch

  • The IEA monthly oil markets report will publish its first assessment of the 2023 oil supply and demand balance at 09:00BST. The report will detail their view of the current market with forecasts for both supply and demand.
  • Also at 09:00BST will see the latest Genscape European crude inventories after a large draw last week took inventories back below the 5-year range.
  • EIA release their weekly inventory data at 15:30 this afternoon after the API reported a small build in crude stockpiles last night. If the data agrees with the draw in gasoline and small build in diesel, then there is unlikely to be any change in the bull trend for oil products. Expectation is for the EIA to report a -1.5m draw in crude and small builds in the refined products.
  • With demand growth so uncertain as economies struggle with inflation the oil market will closely watch the latest from the Fed at 19:00BST this evening.
  • Also due today is the Jul22 WTI option expiry against the 19:30BST future close price. Current open interest shows a significant volume of calls at the nearby 120$/bbl strike.

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