{"id":1447685,"date":"2024-01-04T16:11:28","date_gmt":"2024-01-04T21:11:28","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1447685"},"modified":"2024-01-04T16:11:28","modified_gmt":"2024-01-04T21:11:28","slug":"wti-extends-losses-after-massive-product-inventory-builds-large-spr-add","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/wti-extends-losses-after-massive-product-inventory-builds-large-spr-add\/1447685\/","title":{"rendered":"WTI Extends Losses After Massive Product Inventory Builds, Large SPR Add"},"content":{"rendered":"

WTI Extends Losses After Massive Product Inventory Builds, Large SPR Add<\/span><\/p>\n

\n

Oil prices are sliding back again this morning, after surging yesterday to erase Tuesday’s losses, following a bigger than expected crude draw reported by API (but notably large product inventory builds).<\/a><\/p>\n

Broad ‘risk-off’ sentiment in markets to start the year (and dollar strength) appear to be dulling any impact from possible supply disruptions in Libya for now.<\/p>\n

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

Crude -7.42mm (-3.00mm exp)<\/strong><\/p>\n

Cushing +765k<\/p>\n

Gasoline +6.91mm<\/p>\n

Distillates +6.69mm<\/p>\n

DOE<\/strong><\/p>\n

Crude -5.50mm (-3.00mm exp)<\/p>\n

Cushing +706k – 11th weekly build in a row<\/p>\n

Gasoline -10.9mm – largest build ever<\/strong><\/p>\n

Distillates -10.9mm – largest build since Jan 2019<\/strong><\/p>\n

Crude inventories declined for the second week in a row (more than expected) but gasoline and distillate stocks exploded higher…<\/p>\n

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

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

Bloomberg’s Alex Longley notes one key thing to remember with all this data is that it essentially covers the final week of the year. That\u2019s a time when the figures can get wonky for all kinds of reasons <\/strong>– tax purposes if you\u2019re holding barrels in Texas, swaths of the country celebrating the holiday period, etc. So it\u2019s worth taking some of the more extreme numbers with a grain of salt.<\/p>\n

The Biden administration added 1.055mm barrels to the SPR last week – the largest addition since June 2020…<\/strong><\/p>\n

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

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

Stockpiles at the crucial Cushing hub continued to rise, now at their highest since July 2023…<\/p>\n

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

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

Gasoline and Distillates stocks are at their highest since Q1 2022…<\/p>\n

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

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

US crude production decline by 100k b\/d last week but continues to hover near record highs…<\/p>\n

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

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

WTI was hovering just below $72.50 ahead of the official data and extended losses after…<\/p>\n

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

Crude earlier rallied as much as 1.8% as protesters in Libya shut output from from yet another oil field. The disruptions at the\u00a0Sharara\u00a0and\u00a0El-Feel\u00a0fields may take more than 300,000 barrels a day off the market.<\/p>\n

Traders also are monitoring the volatile situation in the Red Sea, with Houthi militants claiming to have\u00a0attacked\u00a0another merchant ship this week.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 01\/04\/2024 – 11:11<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/energy\/wti-extends-losses-after-massive-product-inventory-builds-large-spr-add<\/a>\u00a0<\/p>\n

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

WTI Extends Losses After Massive Product Inventory Builds, Large SPR Add Oil prices are sliding back again this morning, after surging yesterday to erase Tuesday’s…<\/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-1447685","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\/1447685","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=1447685"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1447685\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1447685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1447685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1447685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}