April 30, 2024 17:27 GMT
US Daily Oil Summary:
OIL
US crude oil inventories are expected to have fallen for a second consecutive week, along with a draw in gasoline stocks, according to a WSJ survey of nine analysts and traders.
- Initial data from OPIS measurement of actual US gasoline volumes pumped points toward another subpar week with consumption around 8.5-million b/d or less.
- Mexico’s exports to the Americas were down 34% on the month to 403.15k b/d.
- Operators drilling for oil in Texas are rushing to dispose of excess natural gas amid a supply glut and weak prices, according to Reuters.
- USD: Higher-than-expected US data has underpinned a strong USD bid throughout Tuesday's session, prompting a further adjustment of fed pricing. The Bloomberg dollar spot index is up 0.53% on the day.
- The Conference Board consumer survey saw a sizeable miss for consumer confidence, falling to 97.0 (cons 104.0) from a downward revised 103.1 (initial 104.7).
- The Chicago Business BarometerTM, produced with MNI descended 3.5 points to 37.9 in April. This is the fifth consecutive monthly fall, pushing the index to its lowest levels since November 2022. We also note that this print is 7.5 points below the 2023 average.
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