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US Daily Oil Summary: WSJ Survey Expects Fall in Crude Stocks

OIL

US crude oil stocks likely fell for the first time in seven weeks, according to a survey by the WSJ.

  • Results of the survey expects a draw of 1m bbl to 448.7m bbl in the week to Dec. 1, based on the average response from ten analysts and traders.
  • US retail gasoline prices rose to $3.104/gal in the week to Dec. 1, according to the EIA. This is up 0.5% on the previous week. Meanwhile, diesel prices were down 1.3% to $4.092/gal.
  • Canadian oil producers are preparing for further delays to the Trans Mountain Pipeline expansion (TMX), weighing on Canadian crude prices, according to Reuters.
  • USD: The greenback extended on its most recent recovery on Tuesday, shrugging off the weaker-than-expected US JOLTS data. Further weakness for the Euro amid some dovish ECB speak underpinned the 0.4% rally for the USD index.
  • The Services PMI accelerated to 52.7 (52.3 expected, 51.8 prior), with new orders steady at 55.5 (54.9 expected, 55.5 prior), and prices paid dipping to 58.3 (58.0 expected, 58.6 prior).
  • The JOLTS job openings figure of 8.733mln badly missed expectations (9.3mln) in October, with September revised lower (9.35mln from 9.553mln).
Energy BulletsCommodities
Energy BulletsCommodities

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