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What to Watch: JMMC, EIA & Genscape

  • The latest Genscape European ARA crude inventories will be released today at 09:00BST. Data last week showed a decline in stocks down to 54.32mbbls and below the five year of 54.74mbbls after holding above since July.
  • The EIA weekly petroleum inventory data is due for release this afternoon at 15:30BST. EIA data is expected to show a small draw in crude with a small build in gasoline and draw in distillates stocks and another drop in refinery utilisation according to a Bloomberg survey. Cushing is expected to show the first build in seven weeks.
  • The Joint Ministerial Monitoring Committee (JMMC) hold a virtual meeting today but no changes in policy are expected with the current OPEC+ agreement of 2mbpd cuts until the end of 2024. The previous meeting started shortly after 13:30 CET.

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