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“US supplies develop and bearish IEA overview” — this is the headline for ING’s The Products Feed e-newsletter this week.
According to the e-newsletter, created by Head of Commodities Method Warren Patterson and Commodities Planner Ewa Manthey of ING:
“Oil costs bordered greater yesterday in spite of a fair amount of bearish oil data. Instead, the market shows up to have actually concentrated on outside developments, especially US CPI data for May, which was available in weak than expected. Nonetheless, interest has returned back to oil fundamentals today with costs under restored pressure.
EIA regular information was bearish. The record revealed that United States business crude oil inventories enhanced by 3 73 m barrels over the recently. This huge stock build resulted from stronger crude oil imports and weak exports. Imports jumped by 1 25 m b/d week-on-week to 8 3 m b/d, the biggest once a week import volume since 2018, while unrefined exports dropped 1 31 m b/d WoW. Developments in fine-tuned products were likewise relatively bearish. Gas …