{"id":1455896,"date":"2024-02-07T15:40:43","date_gmt":"2024-02-07T20:40:43","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1455896"},"modified":"2024-02-07T15:40:43","modified_gmt":"2024-02-07T20:40:43","slug":"wti-extends-gains-after-surprisingly-large-product-draws","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/wti-extends-gains-after-surprisingly-large-product-draws\/1455896\/","title":{"rendered":"WTI Extends Gains After Surprisingly Large Product Draws"},"content":{"rendered":"

WTI Extends Gains After Surprisingly Large Product Draws<\/span><\/p>\n

\n

Oil prices extended yesterday’s gains (helped by EIA’s short-term outlook) after a mixed bag from API with a much smaller than expected crude build<\/strong><\/a>.<\/p>\n

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

Crude +674k (+1.3mm exp)<\/p>\n

Cushing +492k<\/p>\n

Gasoline +3.65mm (+300k exp)<\/p>\n

Distillates -3.7mm (-2.0mm exp)<\/p>\n

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

Crude +5.52mm (+1.3mm exp)<\/strong><\/p>\n

Cushing -33k<\/p>\n

Gasoline -3.15mm (+300k exp)<\/p>\n

Distillates -3.22mm (-2.0mm exp)<\/p>\n

A much bigger than expected build in crude inventories<\/strong> shocked the market but Cushing saw stocks decline for the 5th week in a row (though barely) while both Gasoline and Distillates saw big draws…<\/strong><\/p>\n

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

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

The Biden administration added 615k barrels to the SPR – its 8th weekly rise in a row…<\/p>\n

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

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

Cushing stocks are at their lowest since November – and lowest in over a decade for February…<\/p>\n

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

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

US Crude production rebounded fully from the storm shut-ins, back to record highs…<\/p>\n

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

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

WTI Crude extended the day’s gains on the product draws, back above $74…<\/p>\n

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

Still, upside price gains may be “capped down the road due to rapidly falling expectations around aggressive Fed [interest] rate cuts and growing concerns over China’s economy,”<\/strong> Lukman Otunuga, manager, market analysis at FXTM told MarketWatch.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 02\/07\/2024 – 10:40<\/span><\/p>\n

\u200bRead More<\/a>\u00a0<\/p>\n

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

WTI Extends Gains After Surprisingly Large Product Draws Oil prices extended yesterday’s gains (helped by EIA’s short-term outlook) after a mixed bag from API with…<\/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-1455896","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-66Kc","jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1455896","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=1455896"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1455896\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1455896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1455896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1455896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}