Europe Pauses AstraZeneca Vaccinations
March 17, 2021
The API inventory report called crude oil stocks down 1.0 million barrels in the bit of a surprise. The average estimates for the DOE report today is for crude stocks to be up 3 million barrels. Gasoline stocked were down 926,000 barrels and the outlook for today is for them to be down 3 million barrels. Distillate supplies were up 904,000 barrels and the estimate for today from the Reuters survey is for them to be down 3.4 million barrels.
The average estimates for today propane inventory update is for stocks to be down 320,000 barrels. The five year average for this week is a decline in stocks of 1.576 million barrels.
Germany , France, and Italy have all suspended AstraZeneca’s Covid-19 injections after there have been reports of side effects. This has raised traders concerns about demand. This is putting some softness in prices. Also putting some pressure on energy and equities were negative data on retail sales and industrial production. The US Department of Commerce reported yesterday that retail sales (less vehicles and gas) for February fell by 3.3% from January. The Federal Reserve also reported yesterday the Industrial Production fell by 2.2% for February from January.
The Fed concludes it two day meeting today and most analysts see no change in interest rates. But they will be looking for any indications on what the Fed has to say about inflation or when they may begin to ease asset purchases or possible raise rates.
The increased amount of Iranian crude oil flowing into China in recent weeks is impacting imports from other countries and threatening to complicate efforts by the OPEC+ alliance to tighten supply in the global market.
Ole Hansen, the head of commodities strategy at Saxo Bank, said that the perception that US shale growth is dead is not a correct conclusion to come to at this point.