WTI Extends Gains As Crude Inventories Tumble To Lowest Since Feb

Oil prices are surging this morning, playing catch up to gold and crypto, with all eyes on the official inventory and supply data for what happens next

DOE

• Crude -4.87mm (-275k exp)

• Cushing -875k

• Gasoline +3.328mm

• Distillates +3.454mm

US crude stocks fell for the third straight week (more than expected)

Source: Bloomberg

This draw dragged crude stocks down to their lowest since February...

Source: Bloomberg

The Biden admin added 650k barrels to SPR last week...

Source: Bloomberg

US crude production remains at record highs while rig counts fell to their lowest since Jan 2022...

Source: Bloomberg

WTI is extending gains after the crude draw...

Source: Bloomberg

Not a great picture for pump prices and inflation?