FAST FIVE: WTI Hovers Above $58 After Bigger-Than-Expected Crude Draw
WTI Hovers Above $58 After Bigger-Than-Expected Crude Draw Oil prices, led by hope-ridden trade-deal headlines and OPEC+ chatter, have soared back above $58, erasing Friday's losses.
But, after API's reporting a bigger than expected crude draw, all eyes are on the official government data this morning.
API Crude -3.72mm (-1.5mm exp) – biggest draw since September Cushing -251k Gasoline +2.931mm Distillates +794k DOE Crude -4.856mm (-1.5mm exp) – biggest draw since August Cushing -302k Gasoline +3.385mm Distillates +3.063m – biggest build since July DOE data shows an even bigger crude draw than API reported (and an even bigger build in gasoline stocks).
Source: Bloomberg US crude production held at record highs.
Bloomberg Intelligence Senior Energy Analyst Vince Piazza concludes: “Increasing demands among OPEC+ participants for deeper supply curbs confirm our concern about slowing demand.