LOOK AHEAD: UK Timeline of Key Events (Times BST)

Crude has stabilised during today’s APAC session after falling over a percent on Tuesday. US industry data showing a crude inventory build has provided some support with WTI up 0.4% to $62.04/bbl (Oct contract) off its intraday low of $61.83. Brent is 0.3% higher at $66.00 after falling to $65.81. The USD index is up 0.1%.

• With OPEC steadily increasing its production targets and forecasts for a growing market surplus, supply trends are being monitored closely. CBA is forecasting Brent to fall to $63/bbl in Q4 2025 due to rising global inventories, according to Bloomberg.
• While a Ukraine deal is a long way off, progress increases expectations that eventually sanctions on Russia will be eased. A setback could see the recent sell off reverse.
• Bloomberg reported that there was a US crude inventory draw of 2.4mn barrels last week, more than offsetting last week’s 1.5mn build. Gasoline stocks fell 1mn barrels but distillate rose 500k, according to people familiar with the API data. The official EIA data is out today.
• Later the Fed’s Waller and Bostic appear and the July FOMC meeting minutes are published. Friday’s Chair Powell speech is likely the key event remaining this week.
• UK July CPI & PPI, euro area July CPI and German July PPI print. ECB President Lagarde appears on a panel.