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What to Watch

  • The latest EIA weekly gas inventories for the week ending 4 Aug will be released this afternoon at 15:30BST. The expectation is for a build of +24bcf compared to a build of +14bcf last week and the seasonal normal of +38.6bcf.
  • The updated Insights Global European ARA product inventories will be released today. Gasoil stocks were last week holding below normal at 2.117m mt compared to the five year average of 2.33m mt. ARA Gasoline stocks were last week still near the top of the previous five year range up at 1.293m mt compared to the five year average of 1.16m mt for this time of year.
  • The US CPI data due at 08:30 ET is expected to soften and could help firm market expectations that the Fed’s hiking cycle is over.
  • The updated OPEC Monthly Oil Market Report will be released today at approximately 13:30 CET. The report covers the major supply and demand issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year. The IEA monthly oil report is due for release tomorrow.
  • Australian Workers Union meetings for improved pay will continue on Thursday and next Tuesday before it takes a final decision on a strike action at LNG facilities.

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