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Oil Prices Stabilise, EIA US Inventory Data Due Later

OIL

Oil prices are off their intraday highs but are still up moderately during APAC trading after initially rallying following data that showed another US crude inventory drawdown. Oil has fallen sharply and is now down around 5% since last Wednesday on increased demand concerns, especially from China, and subsequent algorithmic selling. The USD index is little changed.

  • WTI is up 0.2% to $77.11/bbl, off the intraday high of $77.49 and close to the low of $77.08. Brent is also 0.2% higher at $81.17/bbl after a high of $81.48 and low of $81.12.
  • Bloomberg reported that US crude inventories fell 3.86mn barrels last week, according to people familiar with the API data. Gasoline fell 2.77mn and distillate 1.5mn. The official EIA data is released later today and another drawdown would be the fourth in a row.
  • Later the Fed’s Bowman and Logan give remarks and the ECB’s Buch, Lane and de Guindos appear. The Bank of Canada decision is also announced – a 25bp cut is forecast. In terms of data, US/European preliminary July PMIs and US June trade and new home sales are released.
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