{"id":1511354,"date":"2025-01-02T16:10:00","date_gmt":"2025-01-02T21:10:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1511354"},"modified":"2025-01-02T16:10:00","modified_gmt":"2025-01-02T21:10:00","slug":"wti-holds-near-3-month-highs-as-cushing-tank-bottoms-loom","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/wti-holds-near-3-month-highs-as-cushing-tank-bottoms-loom\/1511354\/","title":{"rendered":"WTI Holds Near 3-Month Highs As Cushing ‘Tank Bottoms’ Loom"},"content":{"rendered":"

WTI Holds Near 3-Month Highs As Cushing ‘Tank Bottoms’ Loom<\/span><\/p>\n

\n

Oil prices kicked off 2025 with strong gains as WTI pushed above $73 – its highest since October – as it broke above a key technical level after API reported a small crude draw last night. The prices gains came despite a weak China PMIs (which potentially prompots more hope for further stimulus), but was helped by a modest rise in US PMIs.<\/p>\n

“President Xi Jinping’s statements promising more proactive policies to stimulate growth have raised expectations of increased energy demand. <\/strong>While recent data indicates marginal growth in the country’s manufacturing activity, sectors such as services and construction have started showing signs of recovery, suggesting a gradual strengthening of China’s economy,” said Antonio Di Giacomo, senior market analyst at XS.com, in a note.<\/em><\/p>\n

This morning we get the final look at supply and inventory data from the DOE:<\/p>\n

\u201cA draw is likely because producer and storage operators generally try to empty their tanks by year-end for tax reasons,\u201d<\/strong><\/em> said\u00a0Robert Yawger, director of the energy futures division at Mizuho Securities USA.<\/p>\n

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

Crude -1.4mm<\/p>\n

Cushing +300k<\/p>\n

Gasoline +2.2mm<\/p>\n

Distillates +5.7mm<\/p>\n

\u00a0<\/p>\n

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

Crude -1.18mm<\/p>\n

Cushing -142k<\/p>\n

Gasoline +7.72mm — biggest build since year-end 2024<\/strong><\/p>\n

Distillates +6.41mm — biggest build since year-end 2024<\/strong><\/p>\n

The official data confirmed API’s with the sixth straight weekly crude drawdown (and another draw at the Cushing hub) but product stocks soared higher (as year-end tax-related issues likely affected them)…<\/p>\n

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

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

Including the addition of a further 260k barrels to SPR, total US crude inventories declined for the sixth straight week…<\/p>\n

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

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

Stocks at the crucial Cushing hub slipped closer to ‘tank bottoms’ – lowest since Oct 2023…<\/strong><\/p>\n

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

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

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

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

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

WTI surged above its 100DMA to its highest since October ahead of the official inventory data<\/p>\n

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

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

WTI posted the smallest annual price move in almost two decades last year, and investors are\u00a0bracing for an oversupply\u00a0this year, making it harder for OPEC+ to revive idled production. Still, the unpredictability of a second presidential term by Donald Trump is clouding the outlook.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 01\/02\/2025 – 11:10<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/energy\/wti-holds-near-3-month-highs-cushing-tank-bottoms-loom<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

WTI Holds Near 3-Month Highs As Cushing ‘Tank Bottoms’ Loom Oil prices kicked off 2025 with strong gains as WTI pushed above $73 – its…<\/p>\n","protected":false},"author":0,"featured_media":1511355,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1511354","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\/1511354","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=1511354"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1511354\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1511355"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1511354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1511354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1511354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}