Oil prices fell to fresh four-year lows early on Wednesday on expectations economies will slump as China, Canada and the European Union push back against tariffs imposed by Trump, but are off the lows ahead of the official inventory and supply data.
A mixed bag from API overnight (small crude draw) is being overwhelmed by the global geopolitical picture being adjusted by Trump.
API
-
Crude: -1.057M
-
Cushing: +0.636M
-
Gasoline: +0.207M
-
Distillates: -1.844M
DOE
-
Crude: +2.55mm (+2.6mm exp)
-
Cushing: +681k
-
Gasoline: -1.60mm
-
Distillates: -3.55mm
US crude stocks rose for the second week in a row (along with inventories at the Cushing Hub). Products saw drawdowns…
Source: Bloomberg
The Trump admin added 276k barrels to the SPR last week…
Source: Bloomberg
US Crude production slipped notably last week
Source: Bloomberg
WTI is trading lower after the print…
Source: Bloomberg
The shape of the oil futures curve is rapidly shifting into contango – a fresh sign that traders are hastily dialing back their expectations for global demand this year.
Finally, there is a potential silver for Main Street as crude prices have collapsed, so gasoline prices at the pump are set to follow…
…and along with gasoline prices, disinflation.
Bitcoin 
Ethereum 
Tether 
TRON 
Stellar 
Litecoin 
Monero 
Ethereum Classic 
VeChain 
Maker 
EOS 
Tezos 
Zcash 
NEO 
Dash 
0x Protocol 
Decred 
NEM 
Ontology 
Lisk 
OMG Network 
Bitcoin Gold