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EIA weekly US oil inventories -708K vs -2440K expected
Weekly US petroleum inventory data for the week ending July 14, 2023 • Prior was +5946K • Gasoline -1066K vs -1577K expected • Distillates +14K vs +460K expected • Refinery utilization +0.6% vs +0.0% expected • Production estimate 12.3 mbpd vs 12.3 mbpd prior • Impld mogas demand: 8.86mbpd Refineries ran hard last week in an attempt to build product inventories ahead of driving season. The API data released late yesterday: • Crude -797K • Gasoline -2800K • Distillates -100K Oil hasn't traded above the 200-day moving average since August of last year, it was trading at $76.66, just before the data. I ... (full story)
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WTI Slides Despite Big Cushing Draw; SPR Sees First Build In 15 Weeks
Oil prices have continued their recent gains - with WTI back near 3-month highs - after a slowdown in US consumer price inflation suggests a potential end to interest-rate hikes. This helped traders shrug off China's slowdown (Q2 GDP miss) with OPEC+ cuts bring balance to the physical market, but could face challenges in propping up prices if demand stays subdued. API • Crude -797k (-1.8mm exp) • Cushing -3.00mm • Gasoline -2.8mm (-1.1mm exp) • Distillates -100k (+200k exp) DOE • Crude -708k (-1.8mm exp) • Cushing -2.891mm - biggest draw since Oct 2021. • Gasoline -1.066mm (-1.1mm exp) • Distillates ... (full story)