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OIL: Oil Prices Lower, US Inventory Data Out Later

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Oil prices are down moderately today after a US crude stock build was reported but are off their intraday lows and have been trading in a narrow range. WTI is down 0.2% to $71.58/bbl after a high of $71.66 and Brent is 0.2% lower at $75.87 after approaching $76. The USD index is slightly higher.

  • The US’ Blinken is in the Middle East for ceasefire talks while the conflict continues. The market continues to wait for Israel’s retaliation for Iran’s October 1 missile attack.
  • Bloomberg reported that refined products in China fell compared to a year ago due to cutbacks driven by weak fuel demand, less profitable exports and the opening of a huge refining facility. State refiners have cut runs by 6.7% y/y in October, according to Mysteel OilChem. Oil markets have been worried about demand from China and are not yet convinced that recent stimulus measures will be effective in boosting growth.
  • Bloomberg reported that US crude stocks rose 1.6mn barrels last week, according to people familiar with the API data. Products were lower though with gasoline down 2mn and distillate 1.5mn. The official EIA data is out later today.
  • Later the Fed’s Bowman and Barkin speak and the Beige Book is published and September existing home sales print. ECB’s Lagarde and Lane appear, as well as BoE’s Breeden and Bailey. The BoC decision is announced and a 50bp rate cut is expected. 
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Oil prices are down moderately today after a US crude stock build was reported but are off their intraday lows and have been trading in a narrow range. WTI is down 0.2% to $71.58/bbl after a high of $71.66 and Brent is 0.2% lower at $75.87 after approaching $76. The USD index is slightly higher.

  • The US’ Blinken is in the Middle East for ceasefire talks while the conflict continues. The market continues to wait for Israel’s retaliation for Iran’s October 1 missile attack.
  • Bloomberg reported that refined products in China fell compared to a year ago due to cutbacks driven by weak fuel demand, less profitable exports and the opening of a huge refining facility. State refiners have cut runs by 6.7% y/y in October, according to Mysteel OilChem. Oil markets have been worried about demand from China and are not yet convinced that recent stimulus measures will be effective in boosting growth.
  • Bloomberg reported that US crude stocks rose 1.6mn barrels last week, according to people familiar with the API data. Products were lower though with gasoline down 2mn and distillate 1.5mn. The official EIA data is out later today.
  • Later the Fed’s Bowman and Barkin speak and the Beige Book is published and September existing home sales print. ECB’s Lagarde and Lane appear, as well as BoE’s Breeden and Bailey. The BoC decision is announced and a 50bp rate cut is expected.