Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Head of Commodity Strategy
EIA Report Update: Crude oil stocks dropped in line with the American Petroleum Institute figures due to a 1.1m barrel/day net decline in imports. Production hit a record 11m b/d due to a continued ramp-up in shale oil production. Gasoline stocks rose as refinery demand slowed and net-import rose.