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 After ‘Across The Board’ Inventory Draws

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.


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!