Oil prices are surging this morning, playing catch up to gold and crypto,
DOE
-
Crude -4.87mm (-275k exp)
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Cushing -875k
-
Gasoline +3.328mm
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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?
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