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WTI Extends Gains As Crude Inventories Tumble To Lowest Since Feb
Oil prices are surging this morning, playing catch up to gold and crypto, with all eyes on the official inventory and supply data for what happens next
DOE
Crude -4.87mm (-275k exp)
Cushing -875k
Gasoline +3.328mm
Distillates +3.454mm
US crude stocks fell for the third straight week (more than expected)
Source: Bloomberg
This draw dragged crude stocks down to their lowest since February…
Source: Bloomberg
The Biden admin added 650k barrels to SPR last week…
Source: Bloomberg
US crude production remains at record highs while rig counts fell to their lowest since Jan 2022…
Source: Bloomberg
WTI is extending gains after the crude draw…
Source: Bloomberg
Not a great picture for pump prices and inflation?
Tyler Durden
Wed, 07/17/2024 – 10:42
