OIL MKT DRIVERS: Trump’s Iran Decision; API, STEO Reports

By Alex Longley

(Bloomberg) —┬áSummary of what’s shaping the oil market on Tuesday: President Trump will announce his decision on Iranian deal later. Chinese crude imports rose to a record last month. Weekly API inventory figures and EIA’s Short-Term Energy Outlook both due later.


IRAN:

* President Trump to give his decision on whether to leave Iran deal at 2pm ET
* Trump’s Iran Decision: What’s at Stake for Global Oil Market?
* Goldman sees upside risk to its view ahead of the decision, BofAML says options markets underpricing the risk

U.S. INVENTORIES:

* API issues weekly U.S. oil inventory report, 4:30pm
* Crude stockpiles forecast +1.25m bbl last week, according to median of Bloomberg survey before more definitive EIA data Wednesday

** Gasoline stockpiles unchanged w/w, distillates -1.55m bbl

* EIA?s monthly STEO report, 12pm

HEADLINES:

* China oil imports rise to record as refiners stock before summit
* China’s Unipec is said to get at least 30% cut in Saudi oil volumes

To contact the reporter on this story:
Alex Longley in London at alongley@bloomberg.net

To contact the editors responsible for this story:
Alaric Nightingale at anightingal1@bloomberg.net
Rachel Graham, Brian Wingfield