What's Moving the Oil Markets?
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•IPE Brent broke above
$74/bbl early Thursday as geopolitical events and big US stock drawdowns
continued to underpin prices and brokers expected prices to go higher later.
said.
•June front-month IPE Brent
was trading 10cts higher from Wednesday's close at $73.86/bbl, but had
pushed above to $74.22/bbl at just after 0900 London time.
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| •The US
Department of Energy said Wednesday that crude stocks fell 800,000 barrels
against a projected build of 1.9 million barrels. Significant stock draws
were also seen in the US product markets with gasoline tumbling by a massive
5.4 million barrels and distillates by 2.8 million barrels.
•Demand for gasoline continued to rise, adding
0.8% on year ago levels for the past 4 weeks whilst distillate demand
contracted 3%, largely in line with expectations given the time of year |