WTI Extends Gains After Across-The-Board Inventory Draws
Oil prices continued to drift higher, after finding technical support yesterday the 200DMA and also buoyed by across-the-board draws reported by API.
API
Crude: -3.9M
Cushing: -1.6M
Gasoline: -2.8M
Distillates: -1.5M
DOE
Crude: -3.74mm
Cushing: -1.71mm
Gasoline: -5.57mm - biggest draw since March
Distillates: -2.75mm
The official data confirmed API's across-the-board draws with crude stocks down for 4 straight weeks and a large gasoline draw too....
Source: Bloomberg
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Source: Bloomberg
US Crude production remains at record highs despite the rig count continuing to decline...
Source: Bloomberg
WTI is extending gains on the draws and yesterday supportive bounce from the 200DMA...
Over the past five years, crude prices have averaged monthly declines from August through November, he said. Oil benchmarks have been "dragged lower by renewed concerns over Chinese demand, given the absence of further economic support out of Beijing," said Tan.