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What to Watch

ENERGY
  • The latest EIA weekly gas inventories for the week ending 10 Mar will be released this afternoon at 14:30GMT. The expectation is for a draw of -62bcf following on from the -84bcf draw last week. The 5-year average for this time of year is -95bcf.
  • The updated Insights Global European ARA product inventories will be released today. Gasoil stocks were above average at 2.493m mt last week compared to the 5-year average for this time of year of 2.26m mt. ARA Gasoline stocks were last week up at 1.385m mt compared to an average of 1.21m mt for this time of year.
  • The Apr23 WTI options expire against the futures close price today. The recent price fall in futures has taken the market through significant open interest at 75$/bbl and 70$/bbl with the next big exposure at 65$/bbl.
  • The update to the JODI world oil database is also due today giving the latest data regarding both global supply and demand amid high market uncertainty.
  • The ECB meeting takes place today with rate announcement at 14:15 CET.

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