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Mood Music Remains Positive


Futures A Touch Below Late Overnight Levels




Higher Energy Prices Lend Support

OIL: Shallow upticks for the major crude benchmarks in Asia, with WTI +~$0.30
and Brent +~0.20 from their respective settlement levels at typing, drawing
support from the latest weekly API inventory estimates which reportedly revealed
a shallower than exp. build in headline crude stocks, vs. less bullish metrics
on the product side; a surprise, albeit modest, build in gasoline stocks, a
smaller than expected draw in distillate stocks, as well as a build in stocks at
the Cushing hub.
- Tuesday saw both metrics finish over $1.00 lower on the day, pressured by a
heavy session for equities and continued cautious rhetoric re: demand from IEA
chief Birol/broader coronavirus worry.
- Attention now moves to the weekly DoE inventory data due later today, as well
as the broader coronavirus backdrop.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |