There is quite a head-turning draw in Crude stocks in the private American Petroleum Institute’s inventory report. The decline of 9.3mb is something the oil market will need confirming from the EIA data later, particularly as a Reuters poll indicated an expectation of a draw of only 1.1mb.
There is not much seasonal cheer going around in markets at present and the ‘Santa rally’ which was all set to be fuelled by a bullish take on the recent Fed rate cut, seems very much stuck in the chimney.
If the US Federal Reserve’s interest rate decisions are classed as ‘tier-1’ data, then our market’s equivalent must be what the outcome might be for an end to the Ukraine war. Last week was dominated by these two drivers, well, at least from an oil perspective because their global reach has the potential to run amok with the sensibilities of risk takers as we approach a very edgy end of year.
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