{"id":1392352,"date":"2023-08-08T20:37:22","date_gmt":"2023-08-09T00:37:22","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1392352"},"modified":"2023-08-08T20:37:22","modified_gmt":"2023-08-09T00:37:22","slug":"wti-holds-days-gains-after-api-reports-bigger-than-expected-crude-build","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/wti-holds-days-gains-after-api-reports-bigger-than-expected-crude-build\/1392352\/","title":{"rendered":"WTI Holds Day’s Gains After API Reports Bigger Than Expected Crude Build"},"content":{"rendered":"

WTI Holds Day’s Gains After API Reports Bigger Than Expected Crude Build<\/span><\/p>\n

\n

After some early weakness – after China’s dismal trade data<\/strong> – oil prices surged back higher after Ukrainian President Zelensky\u00a0said his country would retaliate<\/strong> if Russia continues to block Ukrainian ports.<\/p>\n

Oil trading centered on a “heavyweight battle playing out in global energy markets today between China demand destruction versus Saudi supply cuts,” said Robert Yawger, executive director for energy futures at Mizuho Securities, in a note.<\/em><\/p>\n

After the largest crude inventory decline ever last week, analysts expect a very modest build this week<\/p>\n

API<\/strong><\/p>\n

Crude +4.067mm (+1.3mm exp)<\/strong><\/p>\n

Cushing -112k<\/p>\n

Gasoline -413k (-300k exp)<\/p>\n

Distillates -2.093mm (+200k exp)<\/strong><\/p>\n

API reports a bigger than expected crude build (after last week’s collapse). Stocks at the Cushing hib fell for the sixth straight week. Distillates saw a much larger than expected inventory draw…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

WTI was hovering just below $83 ahead of the API print and drifted modestly lower after…<\/p>\n

<\/a><\/p>\n

“Amid a steady rally dating back to late June, fundamentals continue to skew supportive,” said Robbie Fraser, manager of global research and analytics at Schneider Electric, in a note.<\/em><\/p>\n

Despite the rally, a weakening demand outlook is limiting the gains. The US Energy Information Administration on Tuesday\u00a0lowered its forecast\u00a0for US consumption<\/strong>. Reports from OPEC and the International Energy Agency coming later this week will offer further updates on the health of the market.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nTue, 08\/08\/2023 – 16:37<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/energy\/wti-holds-days-gains-after-api-reports-bigger-expected-crude-build<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

WTI Holds Day’s Gains After API Reports Bigger Than Expected Crude Build After some early weakness – after China’s dismal trade data – oil prices…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1392352","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-5Qdi","jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1392352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1392352"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1392352\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1392352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1392352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1392352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}