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 Rebounds On Small Crude Build, Big Cushing Draw

Courtesy of ZeroHedge View original post here.

Oil prices ended lower today after swinging between gains and losses driven by factors including a potential release of crude from U.S. reserves and fuel-switching concerns.

“Crude prices remain very choppy as energy traders await a decision from the Biden administration over an SPR release,” said Ed Moya, senior market analyst at Oanda Corp.

“It seems the energy market is convinced that even if the U.S. resorts to tapping the strategic petroleum reserve, the benefits would be minimal.”

Jim Bullard's hawkish comments also did not help early on in energy markets.

API

  • Crude +655k (+1.2mm exp)

  • Cushing -2.792mm

  • Gasoline -491k

  • Distillates +107k

Analysts expected a fourth straight week of crude inventory builds and they were right, although the increase was smaller than expected. Cushing crude stocks fell once again, getting ever closer to operational limits…

Source: Bloomberg

WTI tested $80 intraday before bouncing back and hovering around $80.75 ahead of API's data…

“We’re still on the cusp of winter, which is the peak demand season and there’s still a bullish undertone to the market,” said John Kilduff, founding partner at Again Capital LLC. “It’s a tight set-up and still vulnerable to some upside if they don’t come through with the SPR release.”


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!