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Reporting on key macro data at the time of release.
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OIL: WTI & Brent print $0.70 & $0.80 above their respective settlement levels at
- Crude has tracked broader risk appetite since yesterday's European session,
rebounding from lows, with reports of a surprise drawdown in headline crude
inventories in the latest weekly API inventory estimates also helping in more
recent trade. The remainder of the report revealed a build in stocks at the
Cushing hub, a larger than expected build in gasoline stocks, and a smaller than
expected drawdown in distillate stocks, which is a lot less bullish than looking
at the headline in isolation.
- Elsewhere, source pieces continue to do the rounds re: the potential for OPEC+
to extend/deepen its current production pact. As a reminder, the current pact
expires in March, and senior oil officials from the likes of OPEC itself & Saudi
have noted that it is too early to come to such a decision/make any judgements
(as is the norm).
- Weekly DoE inventory data is due later today.