Crude Futures in Focus Ahead of FOMC Minutes
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ETPs United States Oil (NYSE: USO) and iPath S&P GSCI Crude Oil TR Index (NYSE: OIL) are on traders' minds today following a recent run-up on rising tensions in the Middle East.
Many are keeping an eye on FOMC minutes this week, which are expected out Wednesday afternoon. Signs of tapering will cause a shift in thinking from supply issues now to demand issues. One Societe Generale analyst recently commented that global refinery demand in October is expected to drop 2.4 million barrels per day from July peaks, mostly on maintenance work.
The Energy Information Administration (EIA) is expecting demand to drop 1.2 million barrels per day in the U.S. during October. Recent data have stockpiles down 8.5 percent to 33.6 million barrels, a seven-month low, but 5.4 percent above the trailing five-year average.
Crude for October delivery is down 1.1 percent to $105.64 per barrel on the Comex.
Many are keeping an eye on FOMC minutes this week, which are expected out Wednesday afternoon. Signs of tapering will cause a shift in thinking from supply issues now to demand issues. One Societe Generale analyst recently commented that global refinery demand in October is expected to drop 2.4 million barrels per day from July peaks, mostly on maintenance work.
The Energy Information Administration (EIA) is expecting demand to drop 1.2 million barrels per day in the U.S. during October. Recent data have stockpiles down 8.5 percent to 33.6 million barrels, a seven-month low, but 5.4 percent above the trailing five-year average.
Crude for October delivery is down 1.1 percent to $105.64 per barrel on the Comex.
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