Free Trial

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).

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.