Snapshot: Brent Crude is trading down 0.61% at 73.42, extending recent losses. The primary driver is a significant draw in US crude inventories, signalling robust domestic demand, but this is being overshadowed by growing fears of a global supply surplus. Today’s 08:30 ET US data, particularly Core PCE and GDP, will be key.
- EIA US Crude Stocks: -6088k bbl (as of 2026-06-19)
- Risk: Iraq’s threat to leave OPEC and potential for increased Middle Eastern supply flows.
Bias into NY: Bearish. The combination of improving supply outlooks from the Middle East and the potential for a global surplus, despite strong US inventory draws, points to further downside pressure. We see resistance at 74.00.