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Incrementally Higher In Asia

OIL

WTI & Brent crude futures sit ~$0.30 & ~$0.20 above their respective settlement levels at typing.

  • This comes after the weekly API inventory estimates revealed a slightly deeper than expected drawdown in headline crude stocks, accompanied by a larger than expected build in gasoline stocks, a modest, surprise drawdown in distillate stocks and a build in stocks at the Cushing hub. The net immediate impact of the release was a very modest downtick for crude.
  • A reminder, this comes after a turnaround Tuesday, in terms of risk appetite, which allowed the two benchmarks to add ~$2.50 come settlement time.
  • Weekly DoE inventory data out of the U.S 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

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