- Oil (WTI) trades at $78.90, steering further away from $80.
- The US Dollar gave markets a knee-jerk reaction after surprise US Dollar strength..
- The weekly API numbers were a disappointing drawdown and could push Oil prices further downwards.
Oil prices are trading lower this Wednesday ahead of the weekly important Energy Information Administration (EAI) Crude Oil Stock Changes. The overnight numbers from the American Petroleum Institute came in below estimates and slashed oil prices. The API number printed only a drawdown of -2.418M barrels, where -2.9M was expected.
Projections of the EAI numbers for Wednesday point to a drawdown for both the high and low estimate. In order to trigger a spike in oil prices, the drawdown this Wednesday needs to beat the highest estimation of -3.1M. The lowest estimation is at -2.39M, so any number between the range or less severe than -2.39M could be translated into cheaper oil as the US stockpiles are under less demand than expected.
At the time of writing, Crude Oil (WTI) price trades at $78.88 per barrel, Brent Oil at $83.10.
- Oil (WTI) trades at $78.90, steering further away from $80.
- The US Dollar gave markets a knee-jerk reaction after surprise US Dollar strength..
- The weekly API numbers were a disappointing drawdown and could push Oil prices further downwards.
Oil prices are trading lower this Wednesday ahead of the weekly important Energy Information Administration (EAI) Crude Oil Stock Changes. The overnight numbers from the American Petroleum Institute came in below estimates and slashed oil prices. The API number printed only a drawdown of -2.418M barrels, where -2.9M was expected.
Projections of the EAI numbers for Wednesday point to a drawdown for both the high and low estimate. In order to trigger a spike in oil prices, the drawdown this Wednesday needs to beat the highest estimation of -3.1M. The lowest estimation is at -2.39M, so any number between the range or less severe than -2.39M could be translated into cheaper oil as the US stockpiles are under less demand than expected.
At the time of writing, Crude Oil (WTI) price trades at $78.88 per barrel, Brent Oil at $83.10.
Oil news and market movers
- The weekly important Energy Information Administration (EAI) Crude Oil Stock Changes are due at 14:30 GMT. Expectations are between -2.39M to -3.1M of drawdowns. Previous number last week was a cut of -5.96M and will be hard to beat.
- S&P Global will release its Purchasing Managers’ Index (PMI) for the US at 13:45 GMT. The Services Index is expected to stay broadly steady from the previous 52.3 reading and print 52.2 for August. The Manufacturing Index is expected to stay in contraction, moving from 49 to 49.3. The overall Composite Index is expected to be unchanged at 52.0. The numbers will be market moving for Oil as well as any slowdown in the PMI numbers could mean less demand for oil.
- Tropical depression Franklin is moving further inland, away from the Texas’ shores.
- All eyes are focused on Friday, when the annual Jackson Hole Symposium will be the focal point for the week. In the event, the US Federal Reserve tends to signal a change in its monetary policy going forward
- The weekly important Energy Information Administration (EAI) Crude Oil Stock Changes are due at 14:30 GMT. Expectations are between -2.39M to -3.1M of drawdowns. Previous number last week was a cut of -5.96M and will be hard to beat.
- S&P Global will release its Purchasing Managers’ Index (PMI) for the US at 13:45 GMT. The Services Index is expected to stay broadly steady from the previous 52.3 reading and print 52.2 for August. The Manufacturing Index is expected to stay in contraction, moving from 49 to 49.3. The overall Composite Index is expected to be unchanged at 52.0. The numbers will be market moving for Oil as well as any slowdown in the PMI numbers could mean less demand for oil.
- Tropical depression Franklin is moving further inland, away from the Texas’ shores.
- All eyes are focused on Friday, when the annual Jackson Hole Symposium will be the focal point for the week. In the event, the US Federal Reserve tends to signal a change in its monetary policy going forward
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