Oil prices extended recent gains today, despite chaos across other asset classes, on concerns supply could be disrupted as Iran tested a ballistic missile in the Gulf of Oman, while demand hopes were led by OPEC raising its economic forecasts.
Oil was also supported by a major technical break.
The question is, can oil maintain this through the inventory data.
API
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Crude +8.5mm (+2.8mm exp)
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Cushing +512k
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Gasoline -7.2mm (-1.0mm exp) – biggest draw since Sept 2021
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Distillates -4.0mm (-2.2mm exp) – biggest draw since May 2023
According to API, crude stocks built by a bigger than expected 8.5mm barrels last week, but that was offset buy a major draw in products…
Source: Bloomberg
WTI was hovering around $77.80 ahead of the print and extended gains after…
WTI was helped technically by a break above its 100DMA and 200DMA…
All of which means Messers Biden and Powell have a problem…
Source: Bloomberg
As rising crude and surging wholesale gasoline prices mean pump prices are due for a big jump.
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