Snapshot: Brent Crude is trading down 3.91% at $72.55, driven by a significant 6.09 million barrel draw in US crude inventories for the week ending June 19th. Today’s focus shifts to revised UoM Consumer Sentiment and Inflation Expectations at 10:00 ET, with President Trump’s speech at 13:30 ET also a potential catalyst.
- The 6.09 million barrel draw in EIA US Crude Stocks provides a domestic floor, but broader market sentiment is key.
- Watch for any hawkish signals from President Trump’s speech that could alter the geopolitical risk premium.
Bias into NY: The sharp inventory draw offers some support, but the narrative is firmly dominated by easing geopolitical tensions and increased Middle Eastern supply, pushing Brent towards the $70 handle.