ENERGY

Oil prices extended gains this morning following the cooler than expected CPI (supporting rate cuts and potential demand) following API's reported crude draw overnight.

Expectations were for a modest draw in crude from the official data.

API

• Crude -2.4mm

• Cushing -1.94mm

• Gasoline -2.55mm

• Distillates +972k

DOE

• Crude +3.73mm

• Cushing -1.59mm

• Gasoline +2.57mm

• Distillates +881k

The official data flipped (more…)

Authored by Alex Kimani via OilPrice.com,

• The spokesperson for the Taliban's Ministry of Mines and Petroleum reported that the group had successfully sold $80 million in crude oil.

• China's CAPEIC’s investment of $49 million in Afghanistan has helped boost the country's daily crude oil output to more than 8,000 bpd.

• Spanning Afghanistan and Tajikistan, the Amu Darya basin is estimated to contain 962 million barrels of crude oil and 52,025 billion (more…)

Oil prices edged higher today as traders anxiously await tomorrow's CPI and FOMC risk catalysts for any signals on the trajectory of oil demand.

Energy stocks ended lower on the day while WTI inched up to $78. All eyes on API for cues on whether this rebound in price can be sustained…

API

• Crude -2.4mm

• Cushing -1.94mm

• Gasoline -2.55mm

• Distillates +972k

Crude and gasoline stocks saw sizable draws last week as did the inventories at the (more…)