7.7 C
London
Tuesday, February 27, 2024
HomeWTI Extends Gains After Small Crude Build, SPR At 1983 Lows
Array

WTI Extends Gains After Small Crude Build, SPR At 1983 Lows

Date:

Related stories

Kazakhstan Targets Fintech to Boost Revenue and Curb Tax Evasion

After Kurmet, a hairdresser in Kazakhstan’s business capital, Almaty, finished a cut earlier this month, the customer reached for his phone to pay. This has been a standard scene for years. Kazakhs young and old have embraced banking apps with a passio...

What Happens When The VIX Spikes, But Traders Aren’t “Actually” Worried?

What Happens When The VIX Spikes, But Traders Aren't "Actually" Worried? SpotGamma invites readers to please join them tonight at 8pm EST for a free webinar on the VIX and the coming March option expiration, to learn how the fear gauge ac...

The CIA Was Preparing Ukraine to Fight Russia for the Last Ten Years

A bombshell report released by the New York Times revealed that the United States and its CIA have created twelve secret state-of-the-art spy centers in Ukraine The post The CIA Was Preparing Ukraine to Fight Russia for the Last Ten Years first appeare...

“I’m Done With Google”: Wholesale Loss Of Trust After “Unbelievably Irresponsible” Racist AI Goes Mask-Off

"I'm Done With Google": Wholesale Loss Of Trust After "Unbelievably Irresponsible" Racist AI Goes Mask-Off The fact that Google's Gemini AI is a complete woke mess comes as no surprise to anyone who's been paying attention. Between Goog...

“Absurdly Woke” Gemini AI Causes $90 Billion Google Stock Selloff

Google parent company Alphabet lost $90 billion in market valuation after its Gemini AI chatbot and image generator defended pedophilia and Adolph Hitler. The post “Absurdly Woke” Gemini AI Causes $90 Billion Google Stock Selloff first appeared on Valu...
WTI Extends Gains After Small Crude Build, SPR At 1983 Lows

Oil prices are hovering in the green after a roller-coaster overnight as Saudi Arabia slashed its crude prices, signaling tepid demand, and risk-off sentiment clipped broader markets.

Dollar strength this morning after solid labor market data is also not helping crude.

Crude inventory figures later Thursday will give a first insight into the impact of pre-Christmas cold weather on US stockpiles, after the American Petroleum Institute reported a build on Wednesday.

API

  • Crude +3.30mm

  • Cushing +700k

  • Gasoline +1.20mm

  • Distillates -2.40mm

DOE

  • Crude +1.69mm (+1.1mm exp)

  • Cushing +244k

  • Gasoline -346k

  • Distillates -1.427mm

US crude stockpiles rose for a second straight week (though built less than API reported) while gasoline inventories drew down for a second week...

Source: Bloomberg

The Strategic Petroleum Reserve saw yet another drain last week (-2.748mm), dragging it to its lowest level since Nov 1983...

Source: Bloomberg

US Crude production inched higher last week but remains around the same as it has for six months...

Source: Bloomberg

Refinery Utilization plunged last week as the nationwide winter storm shut down ops...

Source: Bloomberg

US weekly gasoline product supplied, a proxy for demand, fell by the most since March, 2020. Distillates demand also fell to the lowest level since May 2020.

Source: Bloomberg

WTI was trading around $73.50 ahead of the official data and rallied after...

However, a deepening contango in front-month oil spreads reflects the dour near-term view...

Finally, we note that Saudi Arabia kept oil exports steady last month as it continued to implement an OPEC+ agreement aimed at stabilizing world crude markets, according to an official from the kingdom. 

Tyler Durden Thu, 01/05/2023 - 11:06

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here