{"id":1481982,"date":"2024-08-06T21:20:00","date_gmt":"2024-08-07T01:20:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1481982"},"modified":"2024-08-06T21:20:00","modified_gmt":"2024-08-07T01:20:00","slug":"wti-dips-back-toward-six-month-lows-after-api-reports-across-the-board-inventory-builds","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/wti-dips-back-toward-six-month-lows-after-api-reports-across-the-board-inventory-builds\/1481982\/","title":{"rendered":"WTI Dips Back Toward Six-Month Lows After API Reports Across-The-Board Inventory Builds"},"content":{"rendered":"

WTI Dips Back Toward Six-Month Lows After API Reports Across-The-Board Inventory Builds<\/span><\/p>\n

\n

Today saw some respite in the recent rout for oil prices as WTI stalled its decline around $73 (just off six-month lows) as stocks bounced and lifted Treasury yields, supporting crude for now.<\/p>\n

Concerns remain about the outlook for crude demand in China and the U.S. <\/strong>A run of softer-than-expected economic data late last week set in motion the stock-market selloff and weighed on oil futures, analysts said.<\/p>\n

Downside appeared to be limited, however, by expectations that Iran would launch retaliatory strikes<\/strong> after it blamed the assassination of a top Hamas official visiting Tehran last week on Israel. U.S. officials have been pressing Tehran not to escalate the conflict, news reports said.<\/p>\n

\u201cOil prices have fallen in the last few days in lockstep\u201d with equities, with limited reaction to developments in the Middle East,<\/strong><\/em> Goldman Sachs Group Inc. analysts including\u00a0Daan Struyven\u00a0wrote in a\u00a0note.<\/p>\n

The big question is – will the streak of crude draws continue…<\/p>\n

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

Crude +0.18mm<\/p>\n

Cushing +1.07mm<\/p>\n

Gasoline +3.31mm<\/p>\n

Distillates +1.22mm<\/p>\n

The five-week streak of crude inventory draws is over as API reports builds across the entire energy complex…<\/p>\n

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

Source: Bloomberg<\/p>\n

WTI was trading around $73 ahead of the API print and faded modestly lower, back towards six-month lows, after the across-the-board builds…<\/p>\n

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

The U.S. Energy Information Administration predicts that crude oil prices will recover from recent losses as draws on global inventories accelerate in the second half of the year.<\/p>\n

“Although crude oil prices have fallen recently, we continue to expect crude oil prices will rise in the second half of 2024,”<\/strong><\/em> the EIA said Tuesday in its monthly Short-Term Energy Outlook. The agency expects international benchmark Brent to return to between $85 and $90 a barrel by the end of the year.<\/p>\n

The EIA anticipates withdrawals from global oil inventories will double to 800,000 barrels a day in the second half of the year from an estimated 400,000 barrels a day in the first half. A return to moderate inventory builds is predicted in mid-2025.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nTue, 08\/06\/2024 – 17:20<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/energy\/wti-dips-back-toward-six-month-lows-after-api-reports-across-board-inventory-builds<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

WTI Dips Back Toward Six-Month Lows After API Reports Across-The-Board Inventory Builds Today saw some respite in the recent rout for oil prices as WTI…<\/p>\n","protected":false},"author":0,"featured_media":1481983,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1481982","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\/1481982","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=1481982"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1481982\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1481983"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1481982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1481982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1481982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}