WTI Extends Losses Despite Cushing Stocks Tumbling To 6-Month Lows
Oil prices are lower this morning – following bond yields, bitcoin and big-cap all lower post-CPI – erasing the small gains overnight following API’s reported big crude draw.
„Macroeconomic eyes remain very much glued on the state of inflation in the United States this week. With US PPI coming in 0.1% softer-than-expected yesterday, any such replication in the CPI reading today will hear not only a clamour of calls for the US Federal Reserve to cut interest rates but see another bout of speculative equity buying,” PVM Oil Associates noted.
For now, the official DOE data will likely decide the next leg.
API
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Crude: -5.2mm
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Cushing: -2.277mm
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Gasoline: -3.689mm
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Distillate: +612k
DOE
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Crude: +1.36mm
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Cushing: -1.665mm
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Gasoline: -2.894mm
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Distillate: -1.673mm
Bucking the API reported draw, DOE official data reports that crude stocks rose last week, ending a six-week streak of draws, but Cushing stockpiles continued to sink as did product inventories…
Source: Bloomberg
Stocks at the Cushing hub fell to their lowest since February…
Source: Bloomberg
The Biden admin added 694k barrels of oil to the SPR…
Source: Bloomberg
For context, there’s a long way to go..
Source: Bloomberg
US Crude production dipped off record highs…
Source: Bloomberg
WTI is extending its losses for now…
Middle East tensions remain heightened, with Iran still claiming the right to retaliate against Israel following the assassinations of key leaders in the Hamas and Hezbollah militant groups it backs. A direct attack on Israel is expected, but Iran has so far delayed any strike.
Notypist
Wed, 08/14/2024 – 10:41