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Prices Supported Ahead Of Fed Meeting

OIL

Oil prices posted solid gains during the day with both WTI and Brent up over a percent to around $89.60/bbl and $95.75 respectively on a softer USD ahead of the Fed and hopes that China will reopen.

  • US EIA inventory data is published tonight and is expected to show a 200k drawdown of crude after 2.588m build last week (Dow Jones) pointing to further tightness in the market. Gasoline stocks are expected to shrink by 900k. The API reported a 6.5mn crude drawdown and -2.6mn for gasoline in the latest week.
  • The US and Saudi Arabia are concerned that Iran may be about to attack not only Saudi Arabia but also Erbil in Iraq, according to Dow Jones.
  • Brent contracts continue to signal market tightness.
  • The Fed meeting later will be important for gauging the outlook for oil demand. It is expected to raise rates 75bp again.
Energy BulletsCommodities
Energy BulletsCommodities

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