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OIL: Crude Lower But In A Narrow Range Ahead Of US EIA Data & IEA Report

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Oil prices have been range trading during today’s APAC session but are slightly lower as the US dollar continues to strengthen (USD BBDXY +0.1%) and the market is edgy ahead of Friday’s China October data dump. Brent is down 0.4% to $72.01/bbl, close to the intraday low, while WTI is 0.5% lower at $68.11/bbl.

  • The market has worried about China’s demand for some time, as it has been the world’s largest crude importer, but the US EIA said in its report this week that India is now the largest consumer in Asia. A soft economy and increased EV use has reduced China’s demand.
  • Bloomberg reported that US crude inventories fell 800k barrels last week, according to people familiar with the API data. Cushing saw a 1.9mn drawdown, while gasoline rose 300k and distillate 1.1k. The official EIA data is out later today.
  • The IEA’s monthly report is also published today. It has been more pessimistic on the market outlook than OPEC and has been expecting a surplus in 2025 for some time.
  • Later the Fed’s Powell, Kugler, Barkin and Williams speak and US October PPI and jobless claims print. The ECB’s Lagarde, de Guindos and Schnabel appear and the October meeting account is published. Preliminary Q3 euro area GDP & employment and September IP are released. 
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Oil prices have been range trading during today’s APAC session but are slightly lower as the US dollar continues to strengthen (USD BBDXY +0.1%) and the market is edgy ahead of Friday’s China October data dump. Brent is down 0.4% to $72.01/bbl, close to the intraday low, while WTI is 0.5% lower at $68.11/bbl.

  • The market has worried about China’s demand for some time, as it has been the world’s largest crude importer, but the US EIA said in its report this week that India is now the largest consumer in Asia. A soft economy and increased EV use has reduced China’s demand.
  • Bloomberg reported that US crude inventories fell 800k barrels last week, according to people familiar with the API data. Cushing saw a 1.9mn drawdown, while gasoline rose 300k and distillate 1.1k. The official EIA data is out later today.
  • The IEA’s monthly report is also published today. It has been more pessimistic on the market outlook than OPEC and has been expecting a surplus in 2025 for some time.
  • Later the Fed’s Powell, Kugler, Barkin and Williams speak and US October PPI and jobless claims print. The ECB’s Lagarde, de Guindos and Schnabel appear and the October meeting account is published. Preliminary Q3 euro area GDP & employment and September IP are released.