FAST FIVE: WTI Extends Gains After Surprise Crude Draw
Russia is reported to be pushing for an output cut of around 1 million barrels a day.
Source: Bloomberg Continued US emergency oil releases (4.6mm last week) brought Strategic Petroleum Reserve supplies down to 422.6 million barrels, according to preliminary Energy Department data.
US Crude production slipped a little last week, as rig counts rebounded.
Source: Bloomberg WTI was hovering just below $80 ahead of the official data and spiked above $81 after.
Finally, we note that regular gas prices at the pump are up 8 days in a row.