{"id":1458615,"date":"2024-02-21T21:38:00","date_gmt":"2024-02-22T02:38:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1458615"},"modified":"2024-02-21T21:38:00","modified_gmt":"2024-02-22T02:38:00","slug":"wti-holds-gains-despite-api-reporting-large-crude-build","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/wti-holds-gains-despite-api-reporting-large-crude-build\/1458615\/","title":{"rendered":"WTI Holds Gains Despite API Reporting Large Crude Build"},"content":{"rendered":"<p><span class=\"field field--name-title field--type-string field--label-hidden\">WTI Holds Gains Despite API Reporting Large Crude Build<\/span><\/p>\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>Oil prices ended higher today as traders weighed<strong> tightening physical supplies <\/strong>against <strong>financial markets that have remained under pressure<\/strong>.<\/p>\n<p>Higher for longer rates weighed on the demand side of traders&#8217; minds while physical markets continue to show signs of strength amid\u00a0refined-product shortages with Brent\u2019s\u00a0prompt spread strengthening to 95 cents in backwardation, hovering at three month highs.<\/p>\n<p>Additionally, the ongoing tensions in the middle east are supporting prices.<\/p>\n<p><em>The \u201coil price is expected to continue to be range-bound short term despite escalating tensions in the Middle East,\u201d said\u00a0Helge Andre Martinsen, a senior oil analyst at DNB Bank ASA.<\/em><\/p>\n<p><em>\u201cContinued strong non-OPEC production data, from Norway and Canada this week, combined with a soft global economic outlook counter the effect of higher Middle East tensions.\u201d<\/em><\/p>\n<p>After last week&#8217;s huge surprise crude build (and product draws) this week was expected to see more of the same.<\/p>\n<p><strong>API<\/strong><\/p>\n<p><strong>Crude +7.17mm (+3.2mm exp)<\/strong><\/p>\n<p>Cushing +668k<\/p>\n<p>Gasoline +415k (-2.1mm exp)<\/p>\n<p><strong>Distillates -2.91mm (-1.4mm exp)<\/strong><\/p>\n<p>Another bigger than expected crude build (far bigger) was offset by a bigger than expected Distillates draw&#8230;<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfm65D3_1.jpg?itok=Vc9Tmix2\"><\/a><\/p>\n<p>Source: Bloomberg<\/p>\n<p>WTI was hovering right around $78 ahead of the print and held gains after the build&#8230;<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/2024-02-21_13-37-20.jpg?itok=em-vmx0y\"><\/a><\/p>\n<p>Oil has remained in a roughly $10 trading range this year as the <strong>push and pull of bearish and bullish factors mute\u00a0volatility. <\/strong><\/p>\n<p>Attacks on ships in the Red Sea and the Israel-Hamas war have ramped up tensions in the Middle East and added a geopolitical\u00a0risk premium\u00a0to prices.<\/p>\n<p>Still, concerns about the outlook for China\u2019s economy and its impact on consumption, as well as the pace of non-OPEC supply growth, are limiting gains.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<\/div>\n<p>      <span class=\"field field--name-uid field--type-entity-reference field--label-hidden\"><a title=\"View user profile.\" href=\"https:\/\/cms.zerohedge.com\/users\/tyler-durden\" class=\"username\">Tyler Durden<\/a><\/span><br \/>\n<span class=\"field field--name-created field--type-created field--label-hidden\">Wed, 02\/21\/2024 &#8211; 16:38<\/span><\/p>\n<p>\u200b<a href=\"https:\/\/www.zerohedge.com\/energy\/wti-holds-gains-despite-api-reporting-large-crude-build\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a>\u00a0<\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>WTI Holds Gains Despite API Reporting Large Crude Build Oil prices ended higher today as traders weighed tightening physical supplies against financial markets that have&#8230;<\/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-1458615","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-67s3","jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1458615","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=1458615"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1458615\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1458615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1458615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1458615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}