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WTI Extends Gains After Surprisingly Large Product Draws | ZeroHedge

Oil prices extended yesterday's gains (helped by EIA's short-term outlook) after a mixed bag from API with a much smaller than expected crude build.

API

  • Crude +674k (+1.3mm exp)

  • Cushing +492k

  • Gasoline +3.65mm (+300k exp)

  • Distillates -3.7mm (-2.0mm exp)

DOE

  • Crude +5.52mm (+1.3mm exp)

  • Cushing -33k

  • Gasoline -3.15mm (+300k exp)

  • Distillates -3.22mm (-2.0mm exp)

A much bigger than expected (more…)

Continue ReadingWTI Extends Gains After Surprisingly Large Product Draws | ZeroHedge

WTI Holds Gains After API Reports Crude/Cushing Builds, Distillates Draw | ZeroHedge

Oil prices managed gains today as MidEast risks trumped hawkish sentiment (and may even have been helped by a rise in rate-cut expectations as banking crisis fears reawakened).

The EIA report – saying oil inventories will fall and so will US production – also supported price action today.

Prices pared gains and even briefly declined after Qatari Prime Minister Sheikh Mohammed Bin Abdulrahman Al Thani said at a news conference that Hamas’s response in negotiations over a (more…)

Continue ReadingWTI Holds Gains After API Reports Crude/Cushing Builds, Distillates Draw | ZeroHedge

Oil Dumps After Another Headline Praising “Positive Hamas Response” To Israel Truce Negotiations | ZeroHedge

It's been a few days since we had a breaking headline out of the Israel-Hamas ceasefire talks, and so Qatari decided to break the silence with another market test:

  • *HAMAS RESPONSE IN NEGOTIATIONS IS `POSITIVE:' AL THANI

…which instantly led to another algo-driven dump in oil, just like last week when Al Jazeera reported, briefly, that Hamas had a 'positive response' to the Israeli truce terms… before deleting the tweet.

"Hamas says (more…)

Continue ReadingOil Dumps After Another Headline Praising “Positive Hamas Response” To Israel Truce Negotiations | ZeroHedge