WTI Rises After Smaller Crude Build
Oil prices are lower overnight following API’s report of a large crude inventory build.
API
-
Crude +9.34mm (-1.2mm exp) – biggest build in six weeks
-
Cushing +2.39mm
-
Gasoline -4.437mm (-1.7mm exp) – 8th straight weekly draw
-
Distillates +531k (+100k exp)
DOE
-
Crude +3.17mm (-1.2mm exp)
-
Cushing +2.1mm – biggest build since Jan 2023
-
Gasoline +1.3mm (-1.7mm exp)
-
Distillates -1.185mm (+100k exp)
Unlike API’s report, the official data showed gasoline stocks building last week (first build in 8 weeks) and stocks at the crucial Cushing hub surged by the most since Jan 2023…
Source: Bloomberg
The Biden administration added to the SPR once again (+744k barrels)…
Source: Bloomberg
US Crude production was unchanged near record highs last week…
Source: Bloomberg
WTI was trading just above $81 ahead of the official data, and rallied back up to pre-API levels…
Geopolitical uncertainty amid Ukrainian drone attacks on Russian oil infrastructure and extended supply cutbacks by OPEC+ have buoyed prices, although a challenging economic outlook in China and robust non-OPEC supply growth remain headwinds.
“Given an approaching end of month, end of quarter and the long Easter weekend, it is understandable that a little froth comes off the markets,” said John Evans, an analyst at brokerage PVM.
“Yesterday’s likely trimming of length and the resultant negative day is exacerbated by a surprising build in crude stock data produced by the API.”
And finally, as gasoline stocks decline, wholesale gasoline prices imply pump prices are going much higher…
Source: Bloomberg
Not a good sign for Powell or Biden…
Tyler Durden Wed, 03/27/2024 – 10:38
Source: https://freedombunker.com/2024/03/27/wti-rises-after-smaller-crude-build/
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