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United States EIA Heating Oil Stocks Change climbed from previous -0.537M to 0.027M in August 21
United States EIA Heating Oil Stocks Change climbed from previous -0.537M to 0.027M in August 21
United States EIA Distillate Stocks Change down to -2.228M in August 21 from previous -1.53M
United States EIA Distillate Stocks Change down to -2.228M in August 21 from previous -1.53M
United States EIA Crude Oil Stocks Change came in at 0.095M, below expectations (1.9M) in August 21
United States EIA Crude Oil Stocks Change came in at 0.095M, below expectations (1.9M) in August 21
Oil: Tight balance persists as Iran deal talk grows – TD Securities
TD Securities’ commodity strategists Ryan McKay and Bart Melek note that heavy deal-related headlines around Iran and Oman are influencing energy markets, but they argue Crude Oil fundamentals remain tight.
Indian Rupee poised for positive opening on Thursday amid lower oil prices
The Indian Rupee (INR) is expected to open on a positive note against the US Dollar (USD) on Thursday after a holiday on Wednesday on account of Id-e-Milad. On Tuesday, the USD/INR pair declined 0.35% to near 95.40 due to weaker oil prices, which also led to a sharp decline in US Treasury Yields.
WTI Oil drops below $80 amid hopes of Hormuz reopening, US-Iran de-escalation
Crude prices extend their reversal on Wednesday, with the US benchmark West Texas Intermediate (WTI) trading at the $79.50 area as of writing, highlighting a 9% decline from last week’s highs above $87.00.
Brent: Diplomatic progress weighs on prices – OCBC
OCBC Bank strategists Sim Moh Siong and Christopher Wong note that improved prospects for shipping through the Strait of Hormuz and diplomatic developments involving Iran and Oman have eased supply concerns, pushing Brent crude below USD90/bbl.
Euro advances against Canadian Dollar amid falling oil prices
EUR/CAD extends its gains for the third successive day, trading around 1.6180 during the European hours on Wednesday. The currency cross gains ground as the commodity-linked Canadian Dollar (CAD) faces headwinds due to falling crude oil prices.
Brent: Prices extend sharp decline – Deutsche Bank
Deutsche Bank’s Early Morning Reid team, including Peter Sidorov and Jim Reid, note that Brent Oil has reversed more than half of its recent 13% rally as Middle East de-escalation headlines weigh on energy markets.
Equities: Tech-led gains with softer Oil – Deutsche Bank
Deutsche Bank notes that Nvidia’s earnings have become a major macro catalyst, although the impact of positive surprises has faded in recent quarters.
Oil: Prices retreat on Gulf diplomacy – ING
ING analysts Warren Patterson and Ewa Manthey note that Oil prices are under renewed downward pressure, with ICE Brent breaking below $90/bbl as talks involving Iran, Oman and Pakistan on the Strait of Hormuz and the Middle East war progress.
Asian stock markets gain as oil extends downfall, eyes on Jackson Hole Symposium
Asian stock markets reflect broader strength on Wednesday, as oil prices have fallen further on renewed hopes of the Strait of Hormuz, a vital passage for almost 20% of global energy supply, reopening.
WTI Price Forecast: Seems vulnerable below $80.00 as break below 50% Fibo. comes into play
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – remains under some selling pressure for the third straight day and drops to a nearly two-week low during the Asian session on Wednesday.