Squawk / 24 January 2018 at 14:17 GMT
Head of Commodity Strategy / Saxo Bank
Denmark
Crude oil trading quietly near 3-year highs ahead of the weekly petroleum status report from the EIA at 1530 GMT. Expectations for a 10th consecutive drop in crude stocks were put into doubt yesterday when the API reported an increase of 4.8 million barrels. Gasoline stocks have risen for the past 10 weeks and should oil stocks also rise some profit taking may emerge despite the current tailwind from the weaker dollar.
As usual production as well as import/export numbers will also attract attention. A continued drop in Cushing stocks, the delivery hub for WTI crude oil futures, may lend some relative support to WTI against Brent.
Comments below once released.
24 January
Ole Hansen Ole Hansen
EIA reported a 10th consecutive drop in US crude oil stocks while gasoline rose by more and distillates fell by more than expected. Production jumped 128k b/d as it inched closer to 10m b/d. WTI initially moved higher.
24 January
Ole Hansen Ole Hansen
Slowing refinery demand could indicate that it is just a matter of time now before the seasonal rise in crude oil stocks begin. Another big drop at Cushing however is adding some relative strength to WTI with the discount to Brent narrowing to $5
24 January
Ole Hansen Ole Hansen
Results
24 January
Ole Hansen Ole Hansen
Charts
24 January
JJb JJb
Is the dollar affecting the oil price?

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