April 25, 2024 07:21 GMT
What to Watch: US Gas / ARA Product Stocks, Brent Option Expiry & US GDP
ENERGY
- The EIA weekly gas inventories for the week ending Apr. 19 will be released this afternoon at 10:30 ET (15:30BST). The expectation is for a build of 84bcf according to a Bloomberg survey following a build of 50bcf the previous week. The seasonal normal is a build of 64bcf.
- The updated Insights Global European ARA product inventories will be released today around 15:15BST. Gasoil stocks were last week holding just below normal at 2.124m. ARA Gasoline fell last week to 0.98m mt compared to the seasonal normal of 1.20m mt.
- The Jun24 Brent options expire against the 19:30BST futures close price today with the largest nearby open interest at the 88$/bbl and 90$/bbl strikes.
- US Q1 GDP and core PCE prices are due at 08:30 ET (13:30 BST). Bloomberg consensus is at 2.5% q/q for GDP and an elevated 3.4% for core PCE prices. A stronger print would likely weigh on crude as markets worry about the demand outlook.
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