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OIL: Crude Still Positive on the Day After US Data

OIL

Crude futures remain relatively unchanged after the US data showing a 'low' 0.1 PCE print and April rounded revision exaggerated by rounding.

  • May Core PCE price index 0.083% M/M (0.1% expected).
  • Follows 0.259% in Apr (initial 0.249%), 0.334% in Mar (initial 0.334%).
  • Y/Y (SA): 2.573% in May (cons 2.6) from 2.783% in Apr
  • Crude is edging up again today ahead of the Brent August future contract expiry with support from a softer USD along with geopolitical risks to add to the sentiment for a tighter balance in Q3.
  • Front month WTI is edging higher to extend the rally seen during June. Technicals show next WTI resistance at the June 25 high of 82.34/bbl.
    • Brent SEP 24 up 0.3% at 85.49$/bbl
    • WTI AUG 24 up 0.3% at 82.01$/bbl
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