{"id":1548593,"date":"2025-07-23T14:41:07","date_gmt":"2025-07-23T18:41:07","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1548593"},"modified":"2025-07-23T14:41:07","modified_gmt":"2025-07-23T18:41:07","slug":"nil-baby-nil-wti-extends-losses-despite-big-crude-production-drop-inventory-draw","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/nil-baby-nil-wti-extends-losses-despite-big-crude-production-drop-inventory-draw\/1548593\/","title":{"rendered":"Nil, Baby, Nil; WTI Extends Losses Despite Big Crude Production Drop, Inventory Draw"},"content":{"rendered":"

Nil, Baby, Nil; WTI Extends Losses Despite Big Crude Production Drop, Inventory Draw<\/span><\/p>\n

\n

Oil prices are down for a fourth session in a row this morning even as API reported a drop in US oil inventories and Trump reached a trade deal with Japan that imposes a 15% tariff on imports from Tokyo.<\/p>\n

US Treasury Secretary Scott Bessent said he\u2019ll discuss a potential extension of the trade truce with China during talks in Stockholm next week.<\/p>\n

The discussions can now take on a broader array of topics, potentially including Beijing\u2019s continued purchases of \u201csanctioned\u201d oil from Russia and Iran<\/strong>, he said.<\/p>\n

\u201cWe are racing towards the Aug. 1 deadline for reciprocal US tariffs,\u201d said Harry Tchilinguirian, group head of research at Onyx Capital Group. <\/em><\/p>\n

\u201cJapan deal done, now it is a question of if they pull a rapid deal out of the bag for the EU.\u201d<\/em><\/p>\n

Will the official data line up with API’s reported drawdown?<\/p>\n

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

Crude -577k<\/p>\n

Cushing +314k<\/p>\n

Gasoline -1.2mm<\/p>\n

Distillates +3.5mm<\/strong><\/p>\n

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

Crude -3.169mm<\/strong><\/p>\n

Cushing +455k<\/p>\n

Gasoline -1.738mm<\/p>\n

Distillates +2.931mm<\/strong><\/p>\n

The official data showed a much larger crude draw than API, but the rest of the data lined up…<\/p>\n

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

Source: Bloomberg<\/p>\n

The total commercial crude inventory drawdown was made worse by the second week in a row of SPR drawdowns<\/strong>…<\/p>\n

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

Source: Bloomberg<\/p>\n

US Crude production tumbled by over 100k b\/d last week<\/strong>\u00a0to its lowest level since January <\/strong>as the rig count continues to plunge…<\/p>\n

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

Source: Bloomberg<\/p>\n

WTI extended losses after the data<\/p>\n

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

Source: Bloomberg<\/p>\n

So much for drill, baby, drill!<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 07\/23\/2025 – 10:41<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/energy\/nil-baby-nil-wti-extends-losses-despite-big-crude-production-drop-inventory-draw<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Nil, Baby, Nil; WTI Extends Losses Despite Big Crude Production Drop, Inventory Draw Oil prices are down for a fourth session in a row this…<\/p>\n","protected":false},"author":0,"featured_media":1548594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1548593","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\/1548593","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=1548593"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1548593\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1548594"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1548593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1548593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1548593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}