{"id":1480690,"date":"2024-07-31T14:39:57","date_gmt":"2024-07-31T18:39:57","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1480690"},"modified":"2024-07-31T14:39:57","modified_gmt":"2024-07-31T18:39:57","slug":"wti-extends-gains-after-us-crude-inventory-tumbles-to-6-month-lows","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/wti-extends-gains-after-us-crude-inventory-tumbles-to-6-month-lows\/1480690\/","title":{"rendered":"WTI Extends Gains After US Crude Inventory Tumbles To 6-Month-Lows"},"content":{"rendered":"<p><span class=\"field field--name-title field--type-string field--label-hidden\">WTI Extends Gains After US Crude Inventory Tumbles To 6-Month-Lows<\/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 have surged overnight following the assassination of Hamas&#8217; political leader in Tehran. This geopolitical risk premium surge came on top of an across the board inventory draw reported by API last night.<\/p>\n<p>Traders are watching for confirmation of the drawdown trend in US crude stocks from the official data this morning.<\/p>\n<p><strong>API<\/strong><\/p>\n<p><strong>Crude -4.495mm (-3.9mm exp)<\/strong><\/p>\n<p>Cushing -929k<\/p>\n<p><strong>Gasoline -1.917mm (-1.6mm exp)<\/strong><\/p>\n<p>Distillates -322k<\/p>\n<p><strong>DOE<\/strong><\/p>\n<p><strong>Crude -3.44mm (-3.9mm exp)<\/strong><\/p>\n<p>Cushing -1.1mm<\/p>\n<p><strong>Gasoline -3.67mm (-1.6mm exp)<\/strong><\/p>\n<p>Distillates +1.53mm<\/p>\n<p>US crude inventories fell for the 5th straight week, dropping 3.44mm barrels and stockpiles at the Cushing Hub also declined (for the 4th straight week)<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfmAEEA.jpg?itok=NShVr0xK\"><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>That drawdown has dragged total US crude stocks to their lowest since February&#8230;<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/inv_2.jpg?itok=wNKn-jEs\"><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>The Biden administration added 685k barrels to the SPR last week (which offset the big commercial draw modestly)&#8230;<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfm48FE.jpg?itok=0_BGR9Gi\"><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>US crude production remains at a record high, despite the accelerating trend lower in rig counts&#8230;<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfm833D_0.jpg?itok=Lqlf3d3A\"><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>WTI is extending gains on the day after the oficial data&#8230;<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfmF0C9.jpg?itok=FS7aJwAS\"><\/a><\/p>\n<p>The market has been assessing the risk that fresh escalation could affect production and exports, including from Iran. Crude prices haven\u2019t reacted particularly sharply to recent developments in the war, which started in early October 2023.<\/p>\n<p><em><strong>\u201cRight now, putting $2 of geopolitical risk premium back in the market is telling me the market is covering shorts, but not worried about a real supply event,\u201d <\/strong><\/em>said\u00a0Rebecca Babin, senior energy trader at CIBC Private Wealth.<\/p>\n<p>In a sign that oil traders are hedging against further conflict, Brent call volumes were the highest since early June on Tuesday. A gauge of market volatility is also the highest since the start of the summer.<\/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, 07\/31\/2024 &#8211; 10:39<\/span><\/p>\n<p>\u200b<a href=\"https:\/\/www.zerohedge.com\/energy\/wti-extends-gains-after-us-crude-inventory-tumbles-6-month-lows\" target=\"_blank\" class=\"\" rel=\"noopener\">https:\/\/www.zerohedge.com\/energy\/wti-extends-gains-after-us-crude-inventory-tumbles-6-month-lows<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>WTI Extends Gains After US Crude Inventory Tumbles To 6-Month-Lows Oil prices have surged overnight following the assassination of Hamas&#8217; political leader in Tehran. This&#8230;<\/p>\n","protected":false},"author":0,"featured_media":1480691,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1480690","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\/1480690","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=1480690"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1480690\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1480691"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1480690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1480690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1480690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}