Crude stands still ahead of EIA weekly report

Crude stands still ahead of EIA weekly report

On Wednesday, crude was mostly intact, amid speculation that weekly supply data to be released later in the day will demonstrate a jump in American crude as well as fuel supplies.

The US Energy Information Administration is braced for unveiling its official weekly crude supplies data for the week ending on January 19.

After on Tuesday crude markets closed, the American Petroleum Institute told that American inventories edged up by almost 4.8 million barrels the previous week. It turned to be the first leap for ten weeks, compared to experts’ hopes for a sag of approximately 1.0 million barrels.

Aside from that the API report also disclosed a jump of 4.1 million barrels in gasoline stocks. At the same time distillate stocks, include motor diesel as well as heating oil, went down by about 1.3 million barrels.

American West Texas Intermediate crude futures sagged 9 cents being worth $64.56. On January 16 the US benchmark reached its highest value since December 2014.

Brent crude futures slumped 13 cents hitting $69.83 a barrel, generally keeping to the January 15 three-year maximum of $70.37 a barrel.


Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

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?

Will oil change the trend after OPEC-JMMC meetings?
Will oil change the trend after OPEC-JMMC meetings?

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.

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Can the UK CPI surprise?
Can the UK CPI surprise?

The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.

The US Retail Sales Update
The US Retail Sales Update

The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.

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