Home · Business · Sep 9 archive
United States API Weekly Crude Oil Stock above forecasts (-1.3M) in September 4: Actual (-0.3M)
Confirmed
In Short: US crude oil stocks surpassed forecasts, supporting the US dollar, while concerns over oil supply and geopolitical tensions persist.
US crude oil stocks exceeded expectations, rising by -0.3 million barrels, which bolstered the US dollar. This development comes amid ongoing concerns about oil supply and geopolitical tensions, particularly in the Middle East.
The Australian dollar remained virtually unchanged against the US dollar, with the US Treasury's announcement of a buyback for the September 10 auction providing support to the Greenback. Meanwhile, USD/JPY traded above 153.50 in the American session.
Goldman Sachs predicts that Brent crude could reach $120 per barrel by 2027, citing the likelihood of the conflict in the Middle East extending into the next year. Despite increased production in the US, Canada, Guyana, and other countries, the International Energy Agency forecasts a 4.3 million barrels per day reduction in supply by 2026.
On September 8, only six tankers passed through the Strait, compared to nine the previous day and an average of 12 over the last ten days, highlighting ongoing concerns about oil supply routes. Additionally, the Canadian planemaker faced a significant drop in its stock price after President Donald Trump's demand for production in the US or cessation of sales there.
What's confirmed
- US crude oil stocks exceeded expectations, rising by -0.3 million barrels, which bolstered the US dollar. This development comes amid ongoing concerns about oil supply and geopolitical tensions, particularly in the Middle East.
- The Australian dollar remained virtually unchanged against the US dollar, with the US Treasury's announcement of a buyback for the September 10 auction providing support to the Greenback. Meanwhile, USD/JPY traded above 153.50 in the American session.
- Goldman Sachs predicts that Brent crude could reach $120 per barrel by 2027, citing the likelihood of the conflict in the Middle East extending into the next year. Despite increased production in the US, Canada, Guyana, and other countries, the International Energy Agency forecasts a 4.3 million barrels per day reduction in supply by 2026.
- On September 8, only six tankers passed through the Strait, compared to nine the previous day and an average of 12 over the last ten days, highlighting ongoing concerns about oil supply routes. Additionally, the Canadian planemaker faced a significant drop in its stock price after President Donald Trump's demand for production in the US or cessation of sales there.
What's still developing
- USD/JPY shakes off the bearish pressure and trades above 153.50 in the American session on Wednesday.
- AUD/USD is extending its consolidative price action above 0.7200 during the Asian session on Wednesday, uninspired by hot Chinese CPI and PPI data.
- President Donald Trump posted his demand that the Canadian planemaker build in the United States or stop selling there at 1:39 PM on Monday 7 September 2026 – a day when the Toronto Stock Exchange was closed for Labour Day.
- When Toronto opened on Tuesday 8 September, BBD.B printed C$295.00 against Friday’s C$315.12 close – a fall of 6.4%, on a day low of C$292.34.
- The Street’s average 12-month target of C$320.25 was set when the shares were around C$315; it now sits 8.6% above a price that has already moved.