{"id":1470967,"date":"2024-06-12T14:39:05","date_gmt":"2024-06-12T18:39:05","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1470967"},"modified":"2024-06-12T14:39:05","modified_gmt":"2024-06-12T18:39:05","slug":"wti-falls-after-unexpected-crude-gasoline-inventory-builds-biggest-imports-in-6-years","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/wti-falls-after-unexpected-crude-gasoline-inventory-builds-biggest-imports-in-6-years\/1470967\/","title":{"rendered":"WTI Falls After Unexpected Crude & Gasoline Inventory Builds; Biggest Imports In 6 Years"},"content":{"rendered":"

WTI Falls After Unexpected Crude & Gasoline Inventory Builds; Biggest Imports In 6 Years<\/span><\/p>\n

\n

Oil prices extended gains this morning following the cooler than expected CPI (supporting rate cuts and potential demand) following API’s reported crude draw overnight.<\/p>\n

\u201cThis week\u2019s big recovery has weakened the bears\u2019 hold on the market, although more price action is needed to confirm a bottom,\u201d said\u00a0Fawad Razaqzada, a market analyst at City Index and Forex.com.<\/em><\/p>\n

\u201cBut it is possible we could see crude oil prices come under pressure again after the recent recovery. The lower highs suggest the short-term path of least resistance is still downward, until told otherwise by the charts.\u201d<\/em><\/p>\n

Expectations were for a modest draw in crude from the official data.<\/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

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

Crude +3.73mm<\/p>\n

Cushing -1.59mm<\/p>\n

Gasoline +2.57mm<\/p>\n

Distillates +881k<\/p>\n

The official data flipped the API data<\/strong> and showed a sizable crude inventory build last week (and gasoline build)…<\/p>\n

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

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

The Biden admin added 339k barrels to the SPR (the lowest addition since early Dec 2023)<\/strong><\/p>\n

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

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

US crude production rose by 100k b\/d back near record highs, even as the rig count continues to slide…<\/p>\n

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

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

It looks like they flooded the market with imports – the largest in six years…<\/p>\n

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

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

WTI tumbled on the surprise builds…<\/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>
\nWed, 06\/12\/2024 – 10:39<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/energy\/wti-falls-after-unexpected-crude-gasoline-inventory-builds<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

WTI Falls After Unexpected Crude & Gasoline Inventory Builds; Biggest Imports In 6 Years Oil prices extended gains this morning following the cooler than expected…<\/p>\n","protected":false},"author":0,"featured_media":1470968,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1470967","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\/1470967","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=1470967"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1470967\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1470968"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1470967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1470967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1470967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}