WTI Extends Losses To 6-Month Lows After Surprise Crude Build
Oil prices extended their losses overnight to the lowest in almost six months as traders wrestle with conflicting signals on the longevity and effects of US tariffs on the country’s two largest external crude suppliers.
A mixed bag from API last night did not help but all eyes on the official data this morning for any signs of life.
API
-
Crude -1.5mm
-
Cushing +1.6mm
-
Gasoline -1.2mm
-
Distillates +1.1mm
DOE
-
Crude +3.614mm
-
Cushing +1.124mm
-
Gasoline -1.433mm
-
Distillates -1.318mm
US crude inventories rose for the 5th week in the last 6, with stocks at the crucial Cushing Hub rising for the 4th straight week. On the product side, both gasoline and distillates saw drawdowns…
Source: Bloomberg
For the third week in a row, the Trump administration did not add to the SPR…
Source: Bloomberg
US crude production remained near record higher as Trump’s ‘drill baby drill’ plan prompted a jump in the rig count…
Source: Bloomberg
WTI traded back near 6-month lows on the surprise crude build…
Crude has trended lower since mid-January as Trump’s policies raise fears of multiple trade wars potentially hitting energy demand.
“Trump acknowledges that there will be an adjustment period for the tariffs,” said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management.
“This points to continued volatility and uncertainty in the economy and in financial markets over the coming months.”
Oil options traders are the most bearish in five months amid concerns about the fallout from tariffs and OPEC+’s plans to revive halted production, while volumes of bearish put contracts surged Tuesday.
Tyler Durden Wed, 03/05/2025 – 10:41
Source: https://freedombunker.com/2025/03/05/wti-extends-losses-to-6-month-lows-after-surprise-crude-build/
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