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What to Watch: OPEC+ and EIA Data

ENERGY
  • OPEC+ meet today with the JMMC meeting expected to start at 14:00 CET, with the OPEC+ meeting around 14:30CET and then followed by a press conference. Market expectation is for production cuts of at least 1mbpd with estimates ranging from between 0.5mbpd and 2mbpd.
  • The latest Genscape European ARA crude inventories will be released today at 09:00BST. Stocks dipped last week back towards normal levels to 54.00mbbls compared to the average for this time of year of 54.2mbbls.
  • The EIA weekly petroleum inventory data is due for release this afternoon at 15:30BST. API data last night showed a draw in crude, gasoline and distillates but expectation is for the EIA data show a small build in crude.

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