アメリカAPI原油在庫変動

US heating oil futures fell below $2.40 per gallon, retreating from three-month highs as weaker crude feedstock costs and a global supply overhang weighed on prices. Global oil supply has surged from a deficit of 60,000 barrels per day to a surplus of nearly 1.3 million barrels per day, with the IEA forecasting additions of 3 million barrels per day this year and 2.4 million next year, while the EIA expects inventories to remain elevated through 2026. Softer US distillate demand amid subdued industrial activity and housing has eased refinery runs, further pressuring heating oil. However, market tightness in European diesel has provided partial support, with US sanctions on Rosneft and Lukoil, Ukrainian attacks on Russian energy infrastructure, and an outage at Kuwait’s 615,000 barrel per day Al-Zour refinery pushing European gasoil cracks to their highest in more than 20 months and creating backwardation in the forward curve.

Heating Oil Drops From 3-Month Highs

Lumber futures tumbled toward $560 per thousand board feet, a seven-week low, as weakening demand, persistent oversupply, and trade-policy uncertainties converged. US tariffs are intensifying pressure on Canadian softwood, with existing antidumping and countervailing duties around 35%, plus new Section 232 levies of 10% on timber and 25% on wood products, lifting import costs above 45%. Weak demand compounds the decline, with US residential building permits at a seasonally adjusted 1.4 million units in July, the lowest since June 2020, and construction spending down 3.4% from May 2024. Housing starts remain near five-year lows, keeping retail price pass-through muted despite higher import costs. Export channels have narrowed, with Canadian softwood constrained by tariffs and hardwood exports to China dropping from 40% of volume in 2017 to 7% today. Temporary curtailments and mill closures are emerging, yet abundant inventories and sluggish construction sustain downward pressure.

Lumber Drops to 7-Week Low

Germany's DAX trimmed early losses to close marginally down at 24,284 on Tuesday, with investors focused on corporate earnings and the central banks' next moves. Markets are bracing for the Federal Reserve’s rate decision on Wednesday, with another 25-basis-point cut widely anticipated. The ECB is expected to maintain the status quo on Thursday, October 30. Traders also awaited updates on US-China trade negotiations, as Presidents Trump and Xi are set to meet on Thursday. Among key movers, Symrise lagged, sliding over 4% after reporting a drop in Q3 revenue to €1.22 billion from €1.26 billion a year ago and cutting its full-year organic growth outlook. Deutsche Börse fell 1.7% despite slightly beating quarterly expectations, as pressure on its treasury results persisted. MTU Aero Engines edged down 0.1% even after posting strong Q3 results and reaffirming guidance, following Deutsche Bank’s cut of its price target from €41 to €36 with a Hold rating.

DAX Ends on Cautious Note

In Milan,  the FTSE MIB Index rose 217 points or 0.51 percent on Tuesday. Leading the gains are Azimut Holding (3.86%), Stellantis N.V. (1.63%) and Banca Generali (1.61%). Top losers were Ferrari NV (-2.21%), Davide Campari-Milano (-2.15%) and Interpump Group (-1.58%).

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最新ニュース

Heating Oil Drops From 3-Month Highs

Lumber Drops to 7-Week Low

DAX Ends on Cautious Note

The FTSE MIB Index Closes 0.51% Higher

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アメリカAPI原油在庫変動