Observing news today one can easily get disappointed. However, things are getting better.
Crude is mixed in Asia as API estimates are digested
On Wednesday, crude was mixed in Asia, with market participants digesting industry estimates on American inventories of crude as well as refined products as they await official data.
In New York, October delivery crude futures grew 0.08% being worth $48.27 a barrel. At the same time in London Brent futures tumbled 0.28% reaching $54.12 a barrel.
At the end of the previous week American crude stocks rallied by 6.18 million barrels, as the American Petroleum Institute unveiled on Tuesday, which is more than the 2.5 million surge expected.
Gasoline supplies went down 7.90 million barrels, while distillates sagged by 1.81 million barrels as major refineries in Houston as well as Corpus Christi were offline. By the way, the Energy Information Administration is expected to issue an official report on Wednesday.
Evidently, there’s usually a wide divergence between the EIA and API figures.
Overnight, crude settled higher right after a report disclosed that OPEC output tumbled in August, although profits were capped because market participants braced for American crude inventory due data expected to offer a decent build in stockpiles.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
Moody’s downgraded the country to ‘junk’ status on Friday.
The US economy has been hit hard by the coronavirus outbreak.
The United States will publish ISM manufacturing PMI on April 1, at 17:00 MT time.