{"id":1483568,"date":"2024-08-14T14:41:36","date_gmt":"2024-08-14T18:41:36","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1483568"},"modified":"2024-08-14T14:41:36","modified_gmt":"2024-08-14T18:41:36","slug":"wti-extends-losses-despite-cushing-stocks-tumbling-to-6-month-lows","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/wti-extends-losses-despite-cushing-stocks-tumbling-to-6-month-lows\/1483568\/","title":{"rendered":"WTI Extends Losses Despite Cushing Stocks Tumbling To 6-Month Lows"},"content":{"rendered":"

WTI Extends Losses Despite Cushing Stocks Tumbling To 6-Month Lows<\/span><\/p>\n

\n

Oil prices are lower this morning – following bond yields, bitcoin and big-cap all lower post-CPI – erasing the small gains overnight following API’s reported big crude draw.<\/p>\n

“Macroeconomic eyes remain very much glued on the state of inflation in the United States this week. With US PPI coming in 0.1% softer-than-expected yesterday, any such replication in the CPI reading today will hear not only a clamour of calls for the US Federal Reserve to cut interest rates but see another bout of speculative equity buying,” PVM Oil Associates noted.<\/em><\/p>\n

For now, the official DOE data will likely decide the next leg.<\/p>\n

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

Crude: -5.2mm<\/strong><\/p>\n

Cushing: -2.277mm<\/p>\n

Gasoline: -3.689mm<\/p>\n

Distillate: +612k<\/p>\n

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

Crude: +1.36mm<\/strong><\/p>\n

Cushing: -1.665mm<\/p>\n

Gasoline: -2.894mm<\/p>\n

Distillate: -1.673mm<\/p>\n

Bucking the API reported draw, DOE official data reports that crude stocks rose last week, ending a six-week streak of draws<\/strong>, but Cushing stockpiles continued to sink as did product inventories…<\/p>\n

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

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

Stocks at the Cushing hub fell to their lowest since February…<\/strong><\/p>\n

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

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

The Biden admin added 694k barrels of oil to the SPR…<\/p>\n

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

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

For context, there’s a long way to go..<\/p>\n

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

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

US Crude production dipped off record highs…<\/p>\n

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

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

WTI is extending its losses for now…<\/p>\n

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

Middle East tensions remain heightened, with Iran still claiming the right to retaliate against Israel following the assassinations of key leaders in the Hamas and Hezbollah militant groups it backs. A direct attack on Israel is expected, but Iran has so far delayed any strike.<\/p>\n<\/div>\n

Notypist<\/a><\/span>
\nWed, 08\/14\/2024 – 10:41<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/energy\/wti-extends-losses-despite-cushing-stocks-tumbling-6-month-lows<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

WTI Extends Losses Despite Cushing Stocks Tumbling To 6-Month Lows Oil prices are lower this morning – following bond yields, bitcoin and big-cap all lower…<\/p>\n","protected":false},"author":0,"featured_media":1483569,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1483568","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\/1483568","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=1483568"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1483568\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1483569"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1483568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1483568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1483568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}