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What to Watch: IEA, US CPI and Oil Stocks

ENERGY
  • IEA are due to release the updated Oil Market Report at 10:00 CET after the OPEC monthly report yesterday showed a supply deficit of more than 3mbpd and EIA STEO a deficit of 230kbpd in Q4.
  • The latest Genscape European ARA crude inventories will be released today at 09:00BST. Data last week showed stock levels holding just above the five year average despite a big drop on the week to 56.77mbbl and compared to the five year average for this time of year of 53.1mbbls.
  • The US CPI data due at 08:30 ET is expected to rise to 3.6% y/y from 3.2% but core should moderate to 4.3% from 4.7%.
  • The EIA weekly petroleum inventory data is due for release this afternoon at 15:30BST. EIA data is expected to show a draw in crude stocks with a small draw in gasoline and small build in distillates according to a Bloomberg survey. Refinery utilisation is expected to decline.

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