This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
Crude eases on small American stocks dip
On Thursday, crude lost ground, dipping for a third out of four trading sessions and keeping to its lowest since late March after data disclosed a lower than expected dip in American inventories.
The previous week American crude stockpiles edged down less than expected, while gasoline inventories soared as demand remained quite poor, as the Energy Information Administration unveiled on Wednesday.
Crude inventories edged down by 930,000 barrels by April 28, which is much less than experts’ expectations for a sag of 2.3 million barrels. For the last four weeks crude stocks have steadily edged down, though at 527.8 million barrels they’re still 3% higher, compared to this time last year.
Brent crude futures LCOc1 sank 0.3%, hitting $50.64 a barrel, while American West Texas Intermediate crude futures CLc1 dived 0.3%, being worth $47.68 a barrel.
While WTI demonstrated its lowest value since March 27 by hitting $47.30 a barrel in the previous session, on Tuesday, Brent futures dipped showed the lowest outcome since late March, reaching $50.14 a barrel.
US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2.
On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.
The US PPI will come out on Thursday, May 12, at 15:30 MT time.
The US CPI will come out on Wednesday, May 11, at 15:30 MT time (GMT+3).