Around The Barrel – Crude Oil and Gasoline Year End Outlook

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    Oil & Gasoline Prices Higher early

    WTI Crude #Oil Futures $75.37 +1.08 +1.45%
    Brent Crude Futures $80.18 +1.14 +1.44%
    Unleaded #Gasoline Futures $2.1607 +0.0284 +1.33%


    Heading into API and EIA Inventory reports WTI crude #oil (Jan) settled $0.85 higher at $76.23 Up 1.12% on the day
    High $76.96, low $74.46


    Oil complex futures higher Thursday Despite Risk Off selling picking up:

    WTI Crude #Oil Futures 79.48 1.19 1.52%
    Brent Crude Futures 83.69 1.11 1.34%%
    Unleaded Gasoline Futures 2.2874 0.0316 1.40%


    Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note.

    —Equity Markets—

    Japan’s Nikkei: +0.5%
    Hong Kong’s Hang Seng: +2.7%
    China’s Shanghai Composite: -0.5%
    India’s Sensex: -0.4%
    South Korea’s Kospi: +1.2%
    Australia’s ASX All Ordinaries: +0.6%


    Japan’s Prime Minister Kishida is reportedly looking to invest JPY100 trln as soon as possible and wants to host a special session of the Council on Economic and Fiscal Policy early next year.
    Japan’s Ministry of Industry expects that steel production in Q1 will be down 4.0% yr/yr, but up 0.3% qtr/qtr.
    The Japanese government maintained its forecast for FY23 CPI at 1.7% while the growth forecast was increased to 1.5% from 1.1%.
    Bank Indonesia raised its reverse repurchase rate by 25 bps to 5.50%, as expected.
    Japan’s October Leading Index 98.6 (last 98.2)
    South Korea’s November PPI -0.2% m/m (last 0.5%); 6.3% yr/yr (last 7.3%)


    Major European indices trade in the red while the U.K.’s FTSE (+0.2%) outperforms even though Q3 GDP was revised down to reflect a contraction.

    —Equity Markets—

    STOXX Europe 600: -0.1%
    Germany’s DAX: -0.6%
    U.K.’s FTSE 100: +0.2%
    France’s CAC 40: -0.5%
    Italy’s FTSE MIB: -0.2%
    Spain’s IBEX 35: -0.3%


    Oil prices back testing WTI $80bbl have seemingly ignored much of the negative morose from the Central Bank maelstrom continuing to roil market sentim
    [See the full post at: Around The Barrel – Crude Oil and Gasoline Year End Outlook]

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