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OIL: Prices Steady Ahead of Report Tonight on US Inventory Levels.

OIL
BulletEnergy BulletsCommodities
  • Wednesday in the US will see the release of the Energy Information Administration report on inventories and it expected to show that the US has built up their inventories in recent months.  
  • Volatility for oil was driven by news overnight that Ukraine fired US missiles into Russia was followed by Vladimir Putin’s approval of a nuclear doctrine that lowers the threshold for using atomic weapons.
  • Additionally, Iran announced that that it had agreed to stop producing uranium enriched for nuclear weapons.
  • Also Lebanon and Hezbollah militia have agreed to a US proposal for a cease fire with Israel according to Reuters, yet this was rejected by US officials saying that discussions were ongoing.
  • WTI whipped around during the US session only to finish higher on the day at $69.39, having been as low as $68.45 earlier.  It has opened in the Asian trading session marginally higher and traded in a tight range around $69.50.
  • Brent finished at US$73.30 having been as low as $72.61.  It has opened in Asian trading higher before settling around $73.25 in a very low volume day
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  • Wednesday in the US will see the release of the Energy Information Administration report on inventories and it expected to show that the US has built up their inventories in recent months.  
  • Volatility for oil was driven by news overnight that Ukraine fired US missiles into Russia was followed by Vladimir Putin’s approval of a nuclear doctrine that lowers the threshold for using atomic weapons.
  • Additionally, Iran announced that that it had agreed to stop producing uranium enriched for nuclear weapons.
  • Also Lebanon and Hezbollah militia have agreed to a US proposal for a cease fire with Israel according to Reuters, yet this was rejected by US officials saying that discussions were ongoing.
  • WTI whipped around during the US session only to finish higher on the day at $69.39, having been as low as $68.45 earlier.  It has opened in the Asian trading session marginally higher and traded in a tight range around $69.50.
  • Brent finished at US$73.30 having been as low as $72.61.  It has opened in Asian trading higher before settling around $73.25 in a very low volume day