{"id":1427190,"date":"2023-09-12T20:35:39","date_gmt":"2023-09-13T00:35:39","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1427190"},"modified":"2023-09-12T20:35:39","modified_gmt":"2023-09-13T00:35:39","slug":"wti-dips-off-10-month-highs-after-api-reports-unexpected-crude-build","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/wti-dips-off-10-month-highs-after-api-reports-unexpected-crude-build\/1427190\/","title":{"rendered":"WTI Dips Off 10-Month Highs After API Reports Unexpected Crude Build"},"content":{"rendered":"

WTI Dips Off 10-Month Highs After API Reports Unexpected Crude Build<\/span><\/p>\n

\n

\u00a0Oil\u00a0extended its rally to a 10-month high as production cuts by leaders of the OPEC+ cartel strain global supplies, a setup that\u2019s projected to create the tightest crude market in a decade <\/strong>in the months ahead.<\/p>\n

\u201cThe upward momentum is exhausted for now,\u201d said\u00a0Vandana Hari, founder of Vanda Insights in Singapore. <\/em><\/p>\n

\u201cCrude needs fresh cues to pick a direction. We may see a holding pattern of around $90 for Brent.\u201d<\/em><\/p>\n

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

Crude +1.174mm (-1.9mm exp)<\/p>\n

Cushing -2.417mm<\/p>\n

Gasoline +4.21mm (-300k exp)<\/strong><\/p>\n

Distillates +2.59mm (+400k exp)<\/p>\n

After four straight weekly draws, API reports an unexpected 1.1mm barrel build in crude stocks last week. Another big drop in Cushing hub stockpiles but products saw much bigger than expected builds…<\/p>\n

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

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

WTI was hovering just below $89 ahead of the print and faded after…<\/p>\n

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

As prominent forecasters such as JPMorgan and RBC say their core outlook doesn\u2019t assume prices will reach\u00a0$100 a barrel.<\/p>\n

All of which is a major problem for Biden…<\/p>\n

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

As higher gas prices loom for Americans and inflation expectations are resurgent.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nTue, 09\/12\/2023 – 16:35<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/energy\/wti-dips-10-month-highs-after-api-reports-unexpected-crude-build<\/a>\u00a0<\/p>\n

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

WTI Dips Off 10-Month Highs After API Reports Unexpected Crude Build \u00a0Oil\u00a0extended its rally to a 10-month high as production cuts by leaders of the…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1427190","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1427190","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=1427190"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1427190\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1427190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1427190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1427190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}