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Free AccessLower In Asia As Potential For Largest-Ever U.S. SPR Release In Focus
WTI is ~-$6.00 and Brent is ~-$5.20, operating around the session’s worst levels at writing. Both benchmarks have tumbled past Wednesday’s lows on BBG source reports of the Biden administration considering a sizeable release of crude from the U.S. SPR, with the report detailing plans to “release roughly a million barrels of oil a day”, totalling “as much as 180 million barrels”. Looking ahead, U.S. President Biden is expected to deliver remarks re: the plan later on Thursday.
- Turning to China, demand worry re: pandemic control measures remains elevated, as COVID case counts for Mar 30 show overall fresh daily infections hovering at recent highs. Official Chinese Mar PMI data crossing earlier in the Asian session also pointed to contractions in manufacturing and non-manufacturing activity as both metrics have fallen below the 50-mark, although major oil benchmarks were little changed on the release.
- Elsewhere, OPEC+ ministers will meet later on Thursday, with RTRS source reports on Wednesday suggesting that the group will likely stick to previously mentioned cumulative output increase targets (400K bpd).
- Weekly U.S. EIA data released on Wednesday saw a surprise build in gasoline and distillate stocks, while there was a larger than expected drawdown in crude inventories, with Cushing hub stocks declining as well. The data release runs somewhat counter to Tuesday’s reports re: weekly API inventory estimates, with those reports having pointed to drawdowns across all inventories.
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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.