WTI Unchanged After Crude Draw, Production Drop

Original post

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

API

Crude -3.096mm (+2.3mm exp)

Cushing -1.561mm

Gasoline -3.561mm – 9th draw in a row

Distillates +2.33mm

DOE

Crude -1.396mm (+2.3mm exp)

Cushing

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