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What to Watch: EU Emergency Meeting

ENERGY
  • EU are due to meet today for an emergency meeting to discuss improving their winter contingency plans and possible energy use rationing. EU Commission plans for a voluntary reduction in gas consumption, which would be binding in event of an emergency, face opposition from some member states although those with significant storage and export gas could be exempt.
  • The latest weekly API oil inventory data is due for release after the close today at 16:30 ET ahead of the EIA data tomorrow. The current expectation is that crude and product stocks will show small reductions this week.
  • Also due today is the Sep22 Brent option expiry against the 19:30BST future close price. Current open interest shows the biggest nearby interest is at the 105$/bbl and 110$/bbl strikes.

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