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WTI Dips After Bigger Than Expected Crude Inventory Build

Courtesy of ZeroHedge View original post here.

Oil prices rebounded once again on trade-deal hopes and optimism that OPEC will extend production cuts.

“The general sense is that the economy is doing good,” said Phil Flynn, senior market analyst at Price Futures Group in Chicago.

“There is a little bit of movement toward the U.S.-China trade deal, but the market is reflecting the strength we see in stocks and overall optimism.”

API

  • Crude +3.639mm

  • Cushing -516k

  • Gasoline +4.378mm

  • Distillates -665k

A fifth week of crude builds (10 of last 11 weeks)…

Source: Bloomberg

“Optimism linked to the U.S. Chinese trade discussions, the likely extension of OPEC+ agreement and increased utilization rates should provide support to crude structure,” said Tom Finlon, director of Energy Analytics Group Ltd in Wellington, Florida.

WTI continues to trend gently higher in a channel…

And hovered around $58.35 head of the API print and slipped lower on the bigger than expected crude build…

“The optimism that the trade conflict will at least ease somewhat is currently preventing prices from falling,” said Carsten Fritsch, an analyst with Commerzbank AG in Frankfurt.


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