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What to Watch: US Gas and EU Oil Product Stocks & ECB

  • The latest EIA weekly gas inventories for the week ending 8 Sep will be released this afternoon at 15:30BST. The expectation is for a build of +50bcf according to a Bloomberg survey compared to a build of +33bcf last week and the seasonal normal of +69bcf.
  • The updated Insights Global European ARA product inventories will be released today. Gasoil stocks were last week still well below normal at 1.921m mt compared to the five year average of 2.50m mt. ARA Gasoline stocks were last week at the five year range high at 1.428m mt compared to the average of 1.10m mt for this time of year.
  • The ECB rate decision is due today at 14:15 CET with a close call expected between no change and a 25 basis point hike.

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