What's Moving the Oil Markets?

What's Moving the Oil Markets?

•IPE Brent futures in London continued it's upward momentum Wednesday ahead of the US weekly inventory report due out at 1530 London time (1430 GMT). The ongoing closure of the Calcasieu Ship Channel in Louisiana and lingering concerns over the Iranian nuclear issue added to the support, traders said. At 1058 London time the August IPE Brent futures contract was changing hands at $71.25/barrel, up 27 cents from the overnight settle, in thin trading.

•US oil inventory data to be released by the Energy Information Administration and American Petroleum Institute are expected to show a 1.4 million barrel draw from commercial crude stocks, according to analysts surveyed by Platts Tuesday.

•Refinery runs are expected to edge 0.3% higher to 93.6%, with the pace slowing due to scattered refinery upsets and run cuts due to the closure late last week of the Calcasieu Ship Channel. Analysts forecast an 800,000 barrel rise in gasoline stocks amid a slight rise in production and a rebound in imports, whilst distillate stocks were expected to rise 1.3 million barrels.

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