What's Moving the Oil Markets?
•IPE Brent futures weakened slightly Wednesday morning as
a slight 'technical correction', traders said, ahead of weekly US data expected
to show draws in crude stocks but builds in gasoline inventories. At 1044 London
time (0944 GMT), the July IPE Brent futures contract was changing hands at
$70.69/barrel, down 31cts from the overnight settle, during extremely thin
trading.
•At 1530 London time the American Petroleum Institute and Energy Information
Agency will release the latest US oil inventory data for the week ending May 19.
Analysts polled by Platts are expecting a draw in commercial crude stocks of
1.4-million barrels.
•The fall in Brent futures this morning is also partly due to expected builds in
gasoline stocks, traders said, offsetting the projected draw in crude. "Near the
end of the day in Europe, NYMEX unleaded futures started to fall on expectations
of another build in gasoline which probably contributed to pulling the crude
prices down a little," a trader said.
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