Blog

Oil prices are lower this morning – following bond yields, bitcoin and big-cap all lower post-CPI – erasing the small gains overnight following API's reported big crude draw.

For now, the official DOE data will likely decide the next leg.

API

• Crude: -5.2mm

• Cushing: -2.277mm

• Gasoline: -3.689mm

• Distillate: +612k

DOE

• Crude: +1.36mm

• Cushing: -1.665mm

• Gasoline: -2.894mm

• Distillate: -1.673mm

Bucking the API reported draw, DOE official data reports that crude stocks rose last week, ending a six-week streak of draws, but Cushing stockpiles continued to sink as did product inventories…

Source: Bloomberg

Stocks at the Cushing hub fell to their lowest since February…

Source: Bloomberg

The Biden admin added 694k barrels of oil to the SPR…

Source: Bloomberg

For context, there's a long way to go..

Source: Bloomberg

US Crude production dipped off record highs…

Source: Bloomberg

WTI is extending its losses for now…

Middle East tensions remain heightened, with Iran still claiming the right to retaliate against Israel following the assassinations of key leaders in the Hamas and Hezbollah militant groups it backs. A direct attack on Israel is expected, but Iran has so far delayed any strike.