Snapshot: WTI crude futures are trading around $102, extending yesterday’s gains. Today’s primary focus will be the release of the FOMC Meeting Minutes at 14:00 ET, which could provide insights into the Fed’s assessment of inflation and its potential impact on future monetary policy and, consequently, economic growth and oil demand.
- Watch for reactions around the $103 level; a break above could signal further upside momentum.
- Increased volatility is expected around the 14:00 ET FOMC Minutes release, with potential for a sharp reversal depending on the tone of the report.
Bias into NY: Cautiously bullish, but expect volatility. The FOMC minutes will set the tone, but rising US 10Y Real Yields at 2.13% could present a headwind.