WTI Surges Above $70 After Crude, Gasoline Draw

WTI traders shrugged off API’s surprise crude build overnight, breaking back above $70 ahead of DoE data, and extending gains as crude and gasoline inventories drewdown and Cushing stocks dropped again. Despite expectations for a draw, a crude build is more seasonally normal as we…

WTI Extends Losses After Smaller Than Expected Crude Draw

WTI continued to drift lower today into the inventory data amid concern that “emerging-market contagion is going to suppress economic growth and limit demand,” said Gene McGillian, manager of market research at Tradition Energy. API reported a third weekly draw in a row for Crude inventories…

WTI Spikes On Surprise Crude Draw As Gasoline Demand Hits Record High

WTI rallied overnight, in the face of dollar gains, as Iran supply fears reignited, dominating API inventory builds across the board, and spiked notably after DOE reported a bigger-than-expected 2.566mm crude draw. But bear in mind that seasonal refinery maintenance is about to start, which…

WTI Dips After Surprise Inventory Builds Across-The-Board

WTI closed lower on the day as the USD ticked up ahead of API inventory data that showed inventory builds across the board, sending prices marginally lower.   API Crude +38k (-1.49mm exp) Cushing +130k (+50k exp) Gasoline +21k Distillates +982k The flip-flopping crude draw/build…

WTI Dips’n’Rips As Algos Panic Over Inventory Report

WTI has soared since last night’s API-reported surprisingly-large crude draw (Oct above $67), but is falling back after DOE reported bigger than expected inventory builds at Cushing and in Gasoline and Distillates (despite a crude draw). Bloomberg Intelligence Energy Analyst Fernando Valle notes that peak…

WTI Rebounds After Bigger Than Expected Crude Draw

WTI rallied up to tag $68 (Sep) stops intraday, as a U.S. plan to sell strategic oil reserves highlighted concerns about tightening global supplies, ahead of tonight’s API report. After fading into the print, WTI rebounded after API reported a bigger than expected crude draw.  …

WTI Dives Back Below $67 After Surprise Crude Build

WTI continued in its rangebound mode (slightly weaker into tonight’s print) but slumped back below $67 tonight after API reported a surprise crude build.   API Crude +3.66mm (-2.5mm exp) Cushing +1.64mm  (+500k exp) Gasoline _1/56mm Distillates +1.94mm The last few weeks have seen crude…

WTI Drops Back Below $68 After Big Gasoline Build, Small Crude Draw

WTI has tumbled this morning (back below $68) as Bloomberg Intelligence Senior Energy Analyst Vince Piazzanotes that optimism for crude oil has softened from previous highs this summer. Elevated U.S. production, concerns about tariffs slowing global economic growth and rising world oil output have weakened…

WTI Dips As Big Product Build Offsets Crude Inventory Draw

WTI gave back overnight (Iran sanctions) gains coming in to the API print unchanged, then whipsawed up and down after a bigger than expected crude draw was offset by big builds on the product side.   API Crude -6mm (-3mm exp) Cushing -576k (-1mm exp)…

WTI Holds Below $68 After Surprise Crude Inventory Build

WTI has extended its losses since last night’s surprise API-reported crude inventory build., and DOE confirmed with a surprise 3.8mm bbl inventory build and while WTI tried to rally (smaller build than API), the jump stalled at $68.00…   API Crude +5.59mm  (-3mm exp) Cushing…