FAST FIVE: WTI Fades From Cycle Highs After Disappointing Inventory Data

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WTI Fades From Cycle Highs After Disappointing Inventory Data Oil prices are continuing their recent acceleration this morning, with WTI above $66.50, after the International Energy Agency said a record glut built up last year is gone.

Some three-quarters of stations in a few cities are without gasoline today, according to Gas Buddy.

Source: Bloomberg Total US Crude Exports fell to their lowest since Sept 2018.

Traders are expecting “a gradual resolution to the Colonial Pipeline shutdown,”¬†according to¬†Louise Dickson, an analyst at consultant Rystad Energy.

“The market is again looking to Asia, Covid-19 cases, and the next signals for oil demand outlook.” Tyler Durden Wed, 05/12/2021 – 10:35.

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