Snapshot: Brent Crude is trading at 78.55, down 1.63% on the day. The dominant domestic driver is the significant drawdown in US crude inventories, which points to robust demand and a tightening physical market. Today’s catalyst is the 08:30 ET high-impact CAD CPI data.
- EIA US Crude Stocks (excl SPR) showed a drawdown of 8,263k bbl as of 2026-06-12, signalling strong underlying demand.
- Watch for any unexpected prints from the Canadian CPI data at 08:30 ET, which could influence broader risk sentiment.
Bias into NY: The inventory data provides a solid floor for Brent, suggesting upside potential. However, the market remains sensitive to broader risk sentiment, with US yields ticking higher and the VIX showing elevated levels.