What's Moving the Oil Markets?

What's Moving the Oil Markets?

•IPE Brent futures in London were weaker Wednesday as market players viewed Iran's initial response to a series of incentives seeking to have Tehran halt its nuclear development program as bearish. The fall comes despite expected draws in US crude and gasoline stocks in today's US inventory report.

•Iran on Tuesday provided its official response to a series of incentives by the major powers seeking to have Tehran halt its nuclear development program. While details of that response were not immediately known, Iran's chief negotiator on the issue, Ali Larinjani, was quoted by the Iranian student ISNA news agency as saying that the Islamic republic "is ready for serious talks with the 5+1 group from August 23 over the offered package."

•The petroleum complex is awaiting the latest round of US crude and product stock data from the US EIA and API. Analysts surveyed by Platts are expecting a draw in commercial crude stocks of 1.45 million barrels. Gasoline stocks are projected to also fall, by 1.8-million barrels, which according to a broker is "typical for this time of year."

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