Oil - heads up for the OPEC+ JMMC meeting today, Wednesday 19 August 2020

Earlier on oil data:

• Private oil survey data shows draw in headline crude oil inventory

Note headline draw in crude but the substantial build in US gasoline inventory. Sparking concern about demand recovery once again (ps the government EIA inventory report is more widely watched and this is still to come, Wed. morning US time).

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting today will; assess output cut compliance. There will be discussion of the laggards, but emphasise will most likely be on the circa 95% toeing the line rate. Analysts are not expecting any indication of further cuts to supply (JMMC would not change OPEC+ policy on this but they might have made recommendations/remarks - but not expected).

ps. there is no scheduled time for announcements etc - its over when its over.