Thin Asian Trading, Crude Supported By Supply Fundamentals

Oil prices are up around 0.3% during APAC trading today and are off their intraday lows. WTI is trading around $91.08/bbl after falling to $90.80 earlier. Brent is $92.44 after falling to $92.17. Trading is thin with a number of markets closed. The USD index is slightly higher.

• The Adipec energy summit being held from October 2 to 5 in Abu Dhabi is expected to provide some insight into how oil producers are viewing the market currently. UAE energy minister Al Mazrouei and OPEC secretary general Al-Ghais are scheduled to speak, according to Bloomberg.
• Crude continues to be supported by tight supply, falling inventories and Russia’s ban on diesel exports. There are also signs of increasing demand and this week’s week-long holiday in China will be watched closely for traveller numbers. Prompt spreads remain in backwardation implying a tight market.
• Later Fed Chairman Powell and Fed’s Harker and Williams speak. US manufacturing ISM/PMIs for September and August construction spending print. European manufacturing PMIs are also released and the euro area unemployment rate. BoE’s Mann is scheduled to speak.