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Saudi Comments Push Prices Higher During APAC Session

OIL

Oil prices are up around a percent during APAC trading today with WTI around $73.75/bbl and Brent $77.60, both close to intraday lows. They rose strongly on Tuesday following Saudi comments that it wouldn’t tolerate speculators. OPEC+ meets June 3-4. The USD index is slightly lower.

  • The threat of OPEC+ taking more output action at its June meeting to push up prices is currently supporting crude. However, the market remains troubled by the unresolved US debt-ceiling issue, Fed tightening and lacklustre growth in China.
  • The US EIA releases fuel inventory data later. Bloomberg reported that there was a large drawdown of crude stocks in the US of 6.8mn, according to people familiar with the API data. Gasoline inventories fell 6.4mn, as demand ramps up, and distillate -1.77mn.
  • Later today the Fed’s Waller discusses the economic outlook and the May 3 minutes are published. There is also UK April CPI and the German IFO for May.
Energy BulletsCommodities
Energy BulletsCommodities

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