MTECHTIPS;-Crude futures point to weaker Asia trade with API

MTECHTIPS;-Crude futures point to weaker Asia trade with API estimates ahead

MTECHTIPS-Crude futures pointed weaker for Asia on Tuesday with industry estimates of U.S. crude and refined product figures due later in the day to set the tone. On the New York Mercantile Exchange crude futures for August delivery was last quoted at $44.34 a barrel, while on London’s Intercontinental Exchange, Brent was last quoted at $46.88 a barrel. The American Petroleum Institute (API) will release its weekly inventory estimates after the U.S. market close on Tuesday, followed by more-closely watched figures from the Energy Information Administration (EIA) on Wednesday. The API and EIA figures often diverge. Overnight, crude futures settled lower on Monday, despite Saudi Energy Minister Khalid Al-Falih downplaying the impact of rising output from Libya, Nigeria and the United States, insisting that the oil market is expected to balance in the fourth quarter. Saudi Energy Minister Khalid al-Falih set out to reassure market participants that rising output from U.S. shale, Nigeria and Libya would not derail OPEC’s plan to reduce crude output, and insisted that the oil market would rebalance soon.
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