Oil prices were practically unchanged on the day, unable to hold the $54 handle early on in the day as eyes once again focus on US crude inventories.
Additionally, BP said in its annual energy statistical review released Tuesday that the oil market’s "rollercoaster" would run for some time to come, with slowing economic expansion possibly impacting demand.
Crude +4.85mm (-1.0mm exp)
Cushing +2.4mm (+1.97mm exp)
Gasoline +830k (+700k exp)
Distillates-3.5mm (+1.1mm exp)
After last week's surprise inventory builds across the board, expectations (or bullish hopes) were for a small draw but API reported another major crude build (+4.85mm vs -1.0 exp)
WTI tumbled on the print, testing down to a $52 handle...
Jeffrey Currie, global head of commodities research at Goldman Sachs pointed to the U.S.-China trade dispute complicating OPEC+’s task of balancing supply and demand. Current demand growth “neither will support exiting the production agreement, nor is bad enough to reinforce more cuts,” he said.