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Surprise API Inventory Build Sends Oil, RUB Weaker

RUSSIA
  • USD/RUB gaps higher at the open on the back of early buying pressure on the BBDXY and weakness in oil markets below the $70 handle in Brent.
  • Oil continued to slide in the Asia session after a surprise API inventory build of +806k bbls vs -4.5m exp, snapping a series of inventory draws and adding demand-concerns to the near-term outlook as the spread of the delta variant continues to dent global risk sentiment.
  • Oil Weakness has translated through into RUB this morning, offsetting positive comments from Ned Price overnight that the US has largely given up on sanctioning the NS2 pipeline and that an announcement from Germany is due today.
  • Although this likely comes with the threat of sanctions, should Russia look to bypass Ukraine in its transit of gas, Putin has shown a willingness to maintain the status quo.
  • General concern over the proliferation of hypersonic missiles is brewing between NATO members and Russia and will likely be addressed in US-Russia strategic stability talks (28 July).
  • For today focus shifts to weekly CPI for signs of a tentative peak in inflation in July-September after two consecutively lower readings.
  • Sellers seem to be defending the 74.80 level in USD/RUB into Friday's CBR. Intraday Sup1: 74.3985, Sup2: 74.2486, Res1: 74.6399, Res2: 74.8061
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Markets NewsHomepage

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