Eurozone Business Expands at Fastest Pace in Nearly a Year
April 24, 2024
The API inventory report called crude down 3.23, gasoline was down 595,000, and distillates were up 724,000. Crude stocks at Cushing, Okla., were down 898,000 barrels.
The average estimates for today’s DOE inventory update from the Bloomberg survey are crude oil up 2.085 million barrels, gasoline stocks down 1.291 million, and distillates down 1.761 million barrels.
The average estimate for today’s propane inventory update is for stocks to build by 2.37 million barrels. Over the last five years, propane inventories have averaged 1.379 million barrels ofbuild during this reporting week.
US business activity dropped to a 40-month low in April, with the Composite PMI Output Index falling from 52.1 in March to 50.9 in April. This is a headwind for crude oil and puts the entire manufacturing and services sectors into slight expansion.
In April, the Eurozone’s overall business activity expanded at its fastest pace in nearly a year, which was supportive data for energy prices yesterday.
The market is waiting for GDP news this week. The outlook or hope is that the number comes in under 3%. The estimates are around 2.9% to 3.1%.