WTI has erased the overnight gains following API’s surprise crude draw despite ‘good’ news from China on growth overnight as all eyes are focused once again on inventories already at the highest since 2017.
“As long as the products look like they’re still trending strong and it looks like demand is still there, prices will be supported,” says Ashley Petersen, an analyst at Stratas Advisors
Crude -3.096mm (+2.3mm exp)
Gasoline -3.561mm – 9th draw in a row
Crude -1.396mm (+2.3mm exp)
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