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Off Tuesday’s Low On Potential U.S. SPR Refill; EIA Inventories Eyed

OIL
  • To recap, both benchmarks closed between $0.50-1.00 softer apiece on Tuesday, after BBG source reports of plans to restock the U.S. SPR helped to partly unwind losses observed after the above-expectations CPI print on Tuesday.
  • Looking ahead, the IEA’s monthly oil report and U.S. EIA inventory data are due later on Wednesday.
  • OPEC maintained their oil demand forecasts for ‘22 and ‘23 in their monthly oil report on Tuesday, citing strong growth in “major consuming countries”.
  • A note that recent, well-documented volatility in oil continues to limit market participation, with aggregate open interest in crude futures last week noted to have hit its lowest level since 2015 (with similar trends observed in other commodity markets as well).
  • The latest round of U.S. API data saw reports point to a large build in crude stockpiles, an increase in distillate and Cushing hub stocks, and drawdown in gasoline inventories.
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