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Oil flat to weaker ahead of OPEC+ meeting

By Sonali Paul MELBOURNE (Reuters) - Oil prices were flat to weaker on Wednesday ahead of a meeting of OPEC+ producers, stabilising after a drop of 1% in early trade amid fears...
Oil flat to weaker ahead of OPEC+ meeting © Reuters. FILE PHOTO: Sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. REUTERS/Angus Mordant

By Sonali Paul

MELBOURNE (Reuters) - Oil prices were flat to weaker on Wednesday ahead of a meeting of OPEC+ producers, stabilising after a drop of 1% in early trade amid fears that a slowdown in global growth would hit fuel demand.

Brent crude futures were last down 3 cents, or 0.03%, at $100.51 a barrel at 0603 GMT. West Texas Intermediate (WTI) crude futures were flat at $94.42 a barrel.

The Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, meet on Wednesday. OPEC+ sources told Reuters last week that the group would likely keep output unchanged in September, or raise it slightly.

Analysts are expecting no change due to a weak outlook for demand as recession fears grow, and said top producer Saudi Arabia may be reluctant to beef up output at the expense of OPEC+ partner Russia, hit by sanctions due to the Ukraine conflict.

"This week's main event for oil remains today's OPEC+ decision and that should keep prices somewhat rangebound until OPEC and its partners decide what to do with September's output," Edward Moya, senior market analyst at OANDA, told Reuters.

"OPEC+ is not even coming close to hitting their production targets, so oil prices will likely remain supported even if they announce a small output increase for September," he said.

Ahead of the meeting, OPEC+ trimmed its forecast for an oil market surplus this year by 200,000 barrels per day (bpd), to 800,000 bpd, three delegates told Reuters.

Several factors are weighing on the demand outlook, including rising fears of an economic slump in the United States and Europe, debt distress in emerging market economies, and China's COVID-zero policy curbing activity in the world's top oil importer, Commonwealth Bank analyst Vivek Dhar said.

"We see growing downside risks to our oil price forecast of $US100/bbl in Q4 2022 as global demand concerns continue to grow," Dhar said in a note.

Adding to the bearish view on demand, data from the American Petroleum Institute, an industry group, showed U.S. crude stocks rose by about 2.2 million barrels for the week ended July 29, against analysts' expectations for a decline of around 600,000 barrels. [API/S]

Gasoline inventories fell by 200,000 barrels, which was a smaller drawdown than analysts had expected, although distillate stocks fell by about 350,000 barrels against analysts' forecasts for a build.

The market will be looking to see if official data from the U.S. Energy Information Administration (EIA) at 1430 GMT confirms the inventory view.

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16-08-2022 20:01:45 (UTC+7)

EUR/USD

1.0146

-0.0014 (-0.14%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

EUR/USD

1.0146

-0.0014 (-0.14%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

GBP/USD

1.2052

-0.0002 (-0.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

USD/JPY

134.59

+1.26 (+0.95%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (6)

Sell (2)

AUD/USD

0.7001

-0.0022 (-0.31%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (5)

Sell (3)

USD/CAD

1.2890

-0.0014 (-0.11%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (8)

EUR/JPY

136.55

+1.10 (+0.81%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/CHF

0.9641

+0.0027 (+0.28%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (6)

Gold Futures

1,788.45

-9.65 (-0.54%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (10)

Silver Futures

19.957

-0.315 (-1.55%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (6)

Sell (3)

Copper Futures

3.6215

+0.0040 (+0.11%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

Crude Oil WTI Futures

89.48

+0.07 (+0.08%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Brent Oil Futures

94.96

-0.14 (-0.15%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Natural Gas Futures

9.316

+0.588 (+6.74%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

US Coffee C Futures

223.85

-1.65 (-0.73%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (7)

Euro Stoxx 50

3,792.35

+2.73 (+0.07%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (3)

S&P 500

4,297.14

+16.99 (+0.40%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (4)

DAX

13,843.02

+26.41 (+0.19%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (1)

FTSE 100

7,548.15

+39.00 (+0.52%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Hang Seng

19,830.52

-210.34 (-1.05%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

US Small Cap 2000

2,020.40

+7.30 (+0.36%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

IBEX 35

8,482.83

+55.83 (+0.66%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

BASF SE NA O.N.

44.182

+0.122 (+0.28%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (6)

Sell (1)

Bayer AG NA

54.05

+0.49 (+0.91%)

Summary

↑ Sell

Moving Avg:

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Sell (8)

Indicators:

Buy (0)

Sell (8)

Allianz SE VNA O.N.

179.57

+0.79 (+0.44%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (2)

Adidas AG

170.65

-2.29 (-1.32%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

Deutsche Lufthansa AG

6.723

-0.011 (-0.16%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (9)

Sell (0)

Siemens AG Class N

111.23

-0.97 (-0.86%)

Summary

Sell

Moving Avg:

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Sell (11)

Indicators:

Buy (3)

Sell (4)

Deutsche Bank AG

8.988

+0.046 (+0.51%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (0)

 EUR/USD1.0146↑ Buy
 GBP/USD1.2052↑ Buy
 USD/JPY134.59↑ Buy
 AUD/USD0.7001↑ Buy
 USD/CAD1.2890↑ Sell
 EUR/JPY136.55↑ Buy
 EUR/CHF0.9641Sell
 Gold1,788.45↑ Sell
 Silver19.957Neutral
 Copper3.6215↑ Buy
 Crude Oil WTI89.48↑ Sell
 Brent Oil94.96↑ Sell
 Natural Gas9.316↑ Buy
 US Coffee C223.85↑ Sell
 Euro Stoxx 503,792.35Neutral
 S&P 5004,297.14Neutral
 DAX13,843.02Neutral
 FTSE 1007,548.15↑ Sell
 Hang Seng19,830.52↑ Buy
 Small Cap 20002,020.40↑ Buy
 IBEX 358,482.83↑ Sell
 BASF44.182Neutral
 Bayer54.05↑ Sell
 Allianz179.57Neutral
 Adidas170.65Buy
 Lufthansa6.723Neutral
 Siemens AG111.23Sell
 Deutsche Bank AG8.988↑ Buy
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Cập nhật 16-08-2022 20:01:48
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Ngoại tệMua vàoBán ra
USD23.230,0023.540,00
EUR23.145,5524.441,71
GBP27.456,8428.627,78
JPY171,08181,12
KRW15,4318,80
Cập nhật lúc 18:54:08 16/08/2022
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