Oil prices have rollercoastered back into the green (back bear one-month highs) this morning after weakness overnight (which could have been driven by reports out of China's Xi'an province of COVID-based driving bans).
“Crude oil trades near a one-month high after API’s weekly stock report,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. The market is “currently betting the omicron virus, despite a global surge, will not derail robust global demand.”
So the bullare hoping the official data backs API, and Biden is hoping it doesn't
Crude -3.09mm (-3.233mm exp)
The official DOE data confirmed API's sizable crude draw and showed bigger than expected product draws while Cushing stocks rose for the 7th straight week...
Crude production rose to the highest since May 2020...
WTI hovered around $75.80 ahead of the print and spiked almost $1 after the big draws...
Crude is heading for its biggest annual gain in more than a decade after global consumption recovered from the pandemic with the roll-out of vaccines.