Awaiting oil inventory report
19 Apr 2017 10:15 GMT
|By A/S Global Risk Management.|
| By Michael Poulson, A/S Global Risk Management|
In the absence of other oil-related news, this afternoon's weekly oil inventory report from the EIA takes centre stage.
Yesterday's data from the American Petroleum Institute showed that crude oil stocks fell by 0.840M barrels, more than forecast, but less than last week's 1.3M draw. However, gasoline and distillates stocks saw builds. Consensus for today's report is a 1.4M barrel-draw in crude (last week = 2.1M barrel-draw). Distillates and gasoline inventories are also expected to show draws as the summer season has started. Read the summer fuels outlook from the EIA. Expect volatility around publishing of the report (16.30 CET).
OPEC's Secretary-General this morning stated that compliance (to production cut deal) data in March seems higher than February. The six-month agreement expires in June and the parties will meet around 25 May to discuss if the deal should be extended.
Chinese crude oil imports for March were 9.17M barrels per day, beating previous imports record from December 2016 (8.49M barrels per day) and 15% higher than same month last year.
Turning to economic key events, well there are no major events other than the UK election decision by the House of Commons, but this is not likely to affect oil prices.
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