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What to Watch: OPEC MOMR

  • The latest EIA weekly gas inventories for the week ending 5 May will be released this afternoon at 15:30BST. The expectation is for another slightly smaller than normal build of +77bcf after the small build last week. Last week showed a build of +54cf and the 5-year average for this time of year is a build of +84bcf.
  • The updated Insights Global European ARA product inventories will be released today. Gasoil stocks were last week holding just above average at 2.245m mt. The 5-year average for this time of year is 2.17m mt. ARA Gasoline stocks were last week at 1.314m mt compared to the five year average of 1.17m mt for this time of year.
  • The updated OPEC Monthly Oil Market Report will be released at 13:00CET. The report covers the major supply and demand issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year. The IEA monthly oil report is due for release next week.
  • The Bank of England meeting takes place today at 12:00BST with expectation for a 25 basis point rate hike.

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