WTI Extends Gains After Big Crude Draw

While Brent popped on Norway disruptions today, WTI has traded in a narrow range for two weeks as US crude production has flatlined for three weeks amid Permian pipeline bottlenecks.

 

API

  • Crude -6.7mm

  • Cushing +1.952mm (-1.3mm exp)

  • Gasoline -1.59mm

  • Distillates -1.925mm

A major crude draw was offset by a surprise build at Cushing...

EIA raised its U.S. crude output forecast to 11.8m b/d in 2019 compared 11.76m b/d estimate in June report.

 

Oil Prices have traded in a narrow range for the last two weeks with WTI hovering around $74 today ahead of the API data and extended the gains after the big crude draw...

Geopolitical risks, shrinking spare-production capacity, and wariness that OPEC may renege on pledges to raise output are creating a “perfect storm” in crude markets, said Ehsan Khoman, an analyst at MUFG Bank Ltd.

Comments

mo mule Tue, 07/10/2018 - 20:21 Permalink

There hiding oil offshore in tankers cause everything is full, storage is at a premium and cushing has a huge build. Give me break oil should be under 60, talk up the war or the bottleneck, there's hardly any place to put it. Sure it going up, ha, after it goes down.........lol