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