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What to Watch: IEA Oil Report, US CPI, Genscape ARA & EIA US Inventories

ENERGY
  • IEA are due to release the updated Oil Market Report at 10:00 CET covering major supply and demand issues and providing an outlook for crude oil market developments for the coming year.
  • The latest Genscape European ARA crude inventories will be released today at 09:00BST. Stocks last week fell to 55.86mbbs compared to the five year average of 55.35mbbls this week.
  • The EIA weekly petroleum inventory data for the week ending May 3 is due for release today at 10:30ET (15:30BST). A Bloomberg survey expects a small draw in U.S. crude oil inventories, and small build in both gasoline and distillates while refinery utilisation rises again.
  • The US CPI data is due at 08:30ET. Consensus puts core CPI inflation at 0.3% M/M in April after a surprisingly strong Q1 averaging 0.37% M/M

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