{"id":1470825,"date":"2024-06-11T23:24:35","date_gmt":"2024-06-12T03:24:35","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1470825"},"modified":"2024-06-11T23:24:35","modified_gmt":"2024-06-12T03:24:35","slug":"wti-bounces-after-api-reports-crude-gasoline-draw","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/wti-bounces-after-api-reports-crude-gasoline-draw\/1470825\/","title":{"rendered":"WTI Bounces After API Reports Crude, Gasoline Draw"},"content":{"rendered":"

WTI Bounces After API Reports Crude, Gasoline Draw<\/span><\/p>\n

\n

Oil prices edged higher today as traders anxiously await tomorrow’s CPI and FOMC risk catalysts for any signals on the trajectory of oil demand.<\/p>\n

\u201cAfter recent declines, oil prices have room to recover in the short term,\u201d Morgan Stanley analysts including\u00a0Martijn Rats\u00a0and\u00a0Charlotte Firkins\u00a0said in a note.<\/em><\/p>\n

\u201cNevertheless, inventories are currently higher than we expected some time ago, and on current trends, supply\/demand balances will likely weaken after the third quarter.\u201d<\/em><\/p>\n

Energy stocks ended lower on the day while WTI inched up to $78. All eyes on API for cues on whether this rebound in price can be sustained…<\/p>\n

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

Crude -2.4mm<\/p>\n

Cushing -1.94mm<\/p>\n

Gasoline -2.55mm<\/p>\n

Distillates +972k<\/p>\n

Crude and gasoline stocks saw sizable draws last week as did the inventories at the Cushing Hub…<\/p>\n

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

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

WTI was hovering around $77.80 ahead of the API print and bounced back above $78 on the draw…<\/p>\n

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

Along with OPEC+ plans to phase out voluntary output cuts after September, “we think this signals a cautious optimism from the organization when it comes to the trajectory of future supply\/demand,”<\/strong><\/em> says Rohan Reddy, director of research at Global X in emailed comments.<\/p>\n

“The mid-$70s to low-$90s crude pricing we’ve seen in Brent over the past few quarters seems to be a range that OPEC is comfortable with, as the organization maintains its holding pattern,” he adds.<\/em><\/p>\n

Meanwhile, pump prices have fallen to three month lows as crude and gasoline prices have fallen…<\/p>\n

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

But it’s not helping Biden’s poll numbers…<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nTue, 06\/11\/2024 – 19:24<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/energy\/wti-bounces-after-api-reports-crude-gasoline-draw<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

WTI Bounces After API Reports Crude, Gasoline Draw Oil prices edged higher today as traders anxiously await tomorrow’s CPI and FOMC risk catalysts for any…<\/p>\n","protected":false},"author":0,"featured_media":1470826,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1470825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1470825","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=1470825"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1470825\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1470826"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1470825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1470825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1470825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}