Crude oil responds to bullish EIA stock report
Head of Commodity Strategy
Summary: Crude oil markets are placing far more weight on supply tightening than they are to slowdown-related demand fears.
The Weekly Petroleum Status Report released one hour earlier (in Europe) due to beginning of US summer time added another layer of support after crude oil and gasoline stocks both dropped by more than expected. In addition, crude oil production from the Lower 48 states – primarily shale – was adjusted lower by 100,000 barrels/day. Some of the drop in US oil stocks was probably due to a timing effect following last week’s massive 7 million barrel increase. Overall, however, it is still positive given the current lull in refinery demand as the maintenance season draws to a close.
Latest Market Insights
Quarterly Outlook Q2 2022: The End Game has arrived
- Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Productivity and innovation have never been more importantAs the world economy hits physical limits and central banks tighten their belts, could equities be facing a 10-15% downside?
The great EUR recovery and the difficulty of trading itIf the terrible fog of war hopefully lifts soon, the conditions are promising for the euro to reprice significantly higher.
Tight commodity markets – turbocharged by war and sanctionsWith supply already tight, commodities keep powering on. But will it last for yet another quarter?
Between a rock and a hard placeGeopolitical concerns will add upward price pressures and fears of slower growth, while volatility will remain elevated.
The Great ErosionInflation is everywhere and central banks try to combat it. But will they get it under control in time?
Australian investing: Six considerations amid triple Rs: rising rates, record inflation and likely recessionWhile global financial markets are struggling in an uncertain world, the commodity-heavy Australian ASX index is poised to keep a positive momentum.
Cybersecurity – the rush to catch up with realityWith the invasion of Ukraine, governments and private companies are rushing to reinforce their cyber defenses.
Please read our disclaimers:
- Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-gb/legal/disclaimer/saxo-disclaimer)