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Treading Water

OIL

Crude futures have oscillated around neutral levels in the Asia time zone, treading water after retreating from highs into the US close yesterday. WTI last trades at $59.31/bbl while Brent trades at $62.73/bbl.

  • There are a number of factors that could engender optimism for bulls; the IMF upgraded its global economic growth forecast for the second time in three months predicting growth of 6% this year, up from the 5.5% pace estimated in January. Meanwhile US API stockpile data yesterday showed a decline in inventories. Headline crude stocks fell 2.62m bbls in the latest period, though downstream products saw builds, a 4.85m bbl gasoline stockpile increase and a 2.81m bbls gain in distillate stocks tempered optimism following the report. Markets also digest a cordial first round of discussions between the US and Iran over the nuclear deal, the two sides will meet again on Friday.
Energy BulletsCommodities
Energy BulletsCommodities

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