Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Squawk / 02 May 2018 at 11:59 GMT
Head of Commodity Strategy / Saxo Bank
Crude oil is trading steady with WTI currently being stuck in a $66.60 to $70/b range. The Natanyahu surge on Monday proved temporary as the market concluded that he did not provide any information that wasn’t already known and which provided the basis for the 2015 nuclear deal. Instead the presentation was seen as a counter to European leaders who led by France's Emmanuel Macron and Germany's Angela Merkel have stepped up their attempts to persuade Trump to agree to an amendment instead of abandoning the nuclear deal on May 12. His decision remains a major binary event but today the focus has – at least temporary – moved back to hard data with the weekly EIA Petroleum Status Report due at 14:30 GMT.
Last night the API reported a bigger-than-expected crude build which was off-set by another slump in distillates.
As usual the report comprises multiple components with production, export/imports as well as Cushing stocks being potential market movers.
Let's see if there's any "news" rigging the price to the upside at the same time the report comes out.
matsuri matsuri
it will be very interesting to see what will Trump do with the Iran deal, considering the fact that he made a clear statement that oil is too expensive (remember his tweet blaming OPEC), his decision to abandon the deal or not accept amendments will make oil even more expensive. And he will be to blame for it not OPEC...but so far all his actions were mostly noise and fuss but generally his stance was alleviated.what concerns the US stockpiles, seeing that US can only export some amount of oil at the time and the production is constantly rising, there will be bottlenecks in transportation causing the increases in stockpiles in the US.
Ole Hansen Ole Hansen
Crude oil trades softer after the EIA reported a 6.2m barrel stock increase. Gasoline stocks rose by 1.2m barrels while distillates dropped 3.9m barrels. Production rose 33k bpd while trade data was relatively noise free
Ole Hansen Ole Hansen
EIA charts


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