Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

WTI Extends Gains After Across The Board Inventory Draws

Courtesy of ZeroHedge View original post here.

Oil prices rallied overnight as expectations (prompted by API's report last night) of inventory drawdowns dominated fears of a Delta-driven drop in demand.

"This price catalyst may inject some much-needed momentum into proceedings, especially after the API set a bullish tone," said Stephen Brennock of broker PVM, referring to the EIA report.

But, a rising number of coronavirus cases worldwide, despite vaccination programs, has limited the upside for oil and remains a concern.

API

  • Crude -4.728mm (-2.55mm exp)

  • Cushing -126k

  • Gasoline -6.226mm

  • Distillates -1.882mm

EIA

  • Crude -4.09mm (-2.55mm exp)

  • Cushing -1.268mm

  • Gasoline -2.25mm

  • Distillates -3.088mm

Official EIA data confirmed API's report that inventories drew down across all segments…

Source: Bloomberg

Gasoline demand was steady for the 3rd straight week after the July 4th spike…

Source: Bloomberg

US crude production continues to remain relatively well disciplined, but had started to accelerate amid high prices and high rig counts. Last week saw production slip back however (-200k b/d)…

Source: Bloomberg

WTI hovered right below $72 ahead of the EIA data and rallied back above it on the draws…


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!