{"id":1475090,"date":"2024-07-03T14:44:46","date_gmt":"2024-07-03T18:44:46","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1475090"},"modified":"2024-07-03T14:44:46","modified_gmt":"2024-07-03T18:44:46","slug":"wti-spikes-after-biggest-crude-draw-in-a-year","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/wti-spikes-after-biggest-crude-draw-in-a-year\/1475090\/","title":{"rendered":"WTI Spikes After Biggest Crude Draw In A Year"},"content":{"rendered":"

WTI Spikes After Biggest Crude Draw In A Year<\/span><\/p>\n

\n

Oil prices briefly spiked after last night’s API-reported big crude draw, but that reverted back lower fast. Overnight has seen a small roller-coaster with prices slipping during the US session and then a series of bad news data point in the US sparking a ‘good news for Fed cuts’ response in oil prices, holding just above green on the day.<\/p>\n

The question is – was API’s data fluke…<\/p>\n

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

Crude -9.16mm – biggest draw since mid-Jan 2024<\/strong><\/p>\n

Cushing +404k<\/p>\n

Gasoline +2.47mm<\/p>\n

Distillates -740k<\/p>\n

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

Crude -12.16mm – biggest draw since Jul 2023<\/strong><\/p>\n

Cushing +345k<\/p>\n

Gasoline -2.21mm<\/p>\n

Distillates -1.54mm<\/p>\n

Nope. The official data confirms the huge crude draw last week (which we suspect was pre-emptive draws ahead of ‘Beryl’<\/p>\n

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

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

Adjusted for the 398k barrel addition to SPR, the 11.579mm barrtel draw was the largest since the last week of July last year…<\/p>\n

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

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

Oil prices spiked on the big crude draw…<\/p>\n

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

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

Even if crude prices ease a little, pump-prices are set to rise further…<\/p>\n

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

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

Pouring more salt in President Biden’s polling wounds.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 07\/03\/2024 – 10:44<\/span><\/p>\n

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

WTI Spikes After Biggest Crude Draw In A Year Oil prices briefly spiked after last night’s API-reported big crude draw, but that reverted back lower…<\/p>\n","protected":false},"author":0,"featured_media":1475091,"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-1475090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-6bJM","jetpack_featured_media_url":"https:\/\/bugaluu.com\/news\/wp-content\/uploads\/sites\/3\/2024\/07\/bfm3BE7-Njz7BR.jpeg","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1475090","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=1475090"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1475090\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1475091"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1475090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1475090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1475090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}