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What to Watch

ENERGY
  • IEA are due to release the updated Oil Market Report at 10:00CET after the tighter market outlook suggested in the OPEC monthly report yesterday.
  • The latest Genscape European ARA crude inventories will be released today at 09:00BST. Stocks increased the previous week up to 57.0mbbls but remained below the five year average for this time of year of 59.38mbbls.
  • The EIA weekly petroleum inventory data is due for release this afternoon at 15:30BST. The crude inventories are expected to show a draw but with builds expected again for distillates and gasoline according to a Bloomberg survey.
  • The May23 WTI options expire against the 19:30BST futures close price today with significant open positions near the current market price at the 70$/bbl strike price.
  • The US Fed rate decision is expected at 19:00 BST with the central bank expected to pause interest hike rates.

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