WTI Slides Despite US Crude Production Cut, Cushing Stocks Up 8 Straight Weeks

WTI Slides Despite US Crude Production Cut, Cushing Stocks Up 8 Straight Weeks

From zerohedge.com

Oil prices have extended gains this morning, after last night's API-reported crude draw and yesterday's OPEC+ headlines. “The stakes are very high and will test European resolve for inflicting pain on Russia at the cost of their economy,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “Buyers of Russian crude are playing the game to get the cheapest crude without drawing the ire of the US and Europe.” The potential revival of a nuclear deal with Iran, which could lead to a surge in exports from the OPEC producer, had weighed on the market recently. A senior US House Republican ... (full story)

Added at 10:50am

Oil Rally Halts Despite Crude Inventory Draw

From oilprice.com

Oil prices didn't extend gains today after the Energy Information Administration reported a crude oil inventory decline of 3.3 million barrels for the week to August 19. This compared with a draw of 7.1 million barrels estimated for the previous week by the Department of Energy agency. One day before, the American Petroleum Institute had estimated that crude oil inventories had shed 5.6 million barrels in the week to August 19. In fuels, the inventory situation was a bit different. Gasoline inventories remained virtually unchanged and middle distillate inventories shed barrels in the week to August 19. In gasoline, ... (full story)

hmmm #xau player... prepare add-on with level TP. 1800

Quoting swing77

Disliked

hmmm #xau player... prepare add-on with level TP. 1800

Ignored

Attached Image (click to enlarge)

- Older Stories
Euro slips towards two-decade low as high gas prices adds to growth fears
From brecorder.com|Aug 24, 2022
The euro was within a whisker of a two-decade low on Wednesday amid growing recession fears fuelled by a possible energy supply crunch, while the US dollar recouped some ...
US Pending Home Sales Slipped 1.0% in July
From nar.realtor|Aug 24, 2022|6 comments
Pending home sales declined for the second consecutive month in July, and for the eighth time in the last nine months, according to the National Association of REALTORS®. Three ...
The Basel regulatory framework: evolution of its textual complexity
From bankunderground.co.uk|Aug 24, 2022
The Basel III framework put in place in the aftermath of the Global Financial Crisis 2007–08 consists of a range of regulatory standards, each addressing a specific source of ...

- Newer Stories
US Pandemic-Era Inflation Mostly Driven by Demand Surge, NY Fed Study Finds
From bnnbloomberg.ca|Aug 24, 2022
The majority of US pandemic-era inflation came from a surge in demand, but supply-chain constraints stoked it further, Federal Reserve Bank of New York research shows. About 60% ...
US Pending Home Sales Drop to Lowest Since Start of the Pandemic
From bnnbloomberg.ca|Aug 24, 2022
US pending home sales fell in July for the sixth time this year to the lowest level since the start of the pandemic, extending the housing market’s sharp downturn as high ...
Jackson Hole Symposium Likely To Underline Current Fed Strategy
From livesquawk.com|Aug 24, 2022
The global economy is currently enduring a toxic mix of high inflation and slowing growth. Internationally, central banks have raised interest rates, and governments have enacted ...

Oil Rally Halts Despite Crude Inventory Draw