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Little Changed In Asia; U.S. Crude Inventories Eyed

OIL

WTI is ~+$0.20 and Brent is virtually unchanged at typing, with both benchmarks operating a little above their respective Tuesday’s troughs.

  • To recap, WTI and Brent closed between ~$1-2 lower on Tuesday, reversing earlier gains of as much as ~$2.20 apiece, with worry re: economic growth exacerbated after the IMF’s lowered its global growth outlook in ‘22 from 3.6% to 3.2% while stating that the risk of a recession in ‘23 was “particularly prominent”.
  • Adding to the gloom, U.S. new home sales and Conf. Board consumer confidence hit two-year and seventeen-month lows respectively after missing expectations, offsetting the beat from the earlier Richmond Fed m’fing index print, with WTI and Brent falling to session lows after the data release.
  • Both benchmarks currently trade a little below levels observed prior to the latest round of U.S. API inventory estimates on Tuesday, despite reports pointing to a significantly larger-than-expected drawdown in crude stockpiles, more than unwinding the build reported last week. Elsewhere, gasoline and distillate inventories declined, while there was a build in Cushing hub stocks.
  • Looking ahead, the EIA’s Weekly Petroleum Status Report will cross at 1530 BST, with BBG median estimates calling for a build in crude inventories.
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