WTI Rebounds After ‘Across The Board’ Inventory Draws

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Courtesy of ZeroHedge View original post here.

Oil prices are lower this morning on some potentially optimistic comments from Ukraine, after earlier rallying toward $127/bbl as President Biden said his nation would ban the import of Russian crude.

Bloomberg's Valle notes that "fewer refined-product imports are compounding already tight inventory, particularly along the U.S. East Coast."

DOE

  • Crude -1.863mm

  • Cushing -585k – 9th weekly draw in a row

  • Gasoline -1.405mm

  • Distillates -5.23mm

Inventories tumbled across the board according to the latest official DOE data with Cushing stocks down for a 9th straight week…

Source: Bloomberg

Distillates inventories registered a 5.23 million barrel drop last week, the biggest decline in about a year, to the lowest level since November 2014.

Cushing stocks continue to drop near operational lows…

Source: Bloomberg

Oil prices rebounded modestly on the draws…

Crude production is holding steady for a fifth week at 11.6 million barrels a day despite widespread expectations that shale producers are cranking out barrels spurred by the strong rally in oil prices.

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