WTI Dips After Gasoline Inventories Build For 5th Straight Week
Oil prices chopped around today but held on to gains, with WTI hovering around $88 (7 year highs) ahead of tonight's API inventory data as investors await an OPEC+ meeting this week to decide how much production the group will add; and Exxon Mobil which said it expects to increase output in the Permian Basin by 25% this year.
“The ceiling for oil prices further out will be a lot lower as oil giants will take advantage of these high prices," said Ed Moya, Oanda’s senior market analyst for the Americas.
Crude’s recent surge has been supported by a tight global market and geopolitical concerns over Ukraine, even though Russia has denied it plans to attack its neighbor.
API
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Crude -1.645mm (+1.833mm exp)
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Cushing -1.031mm
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Gasoline +5.816mm
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Distillates -2.508mm
After two weeks of surprise builds, crude stocks unexpectedly drewdown last week but gasoline stocks continue to build (5th week in a row)...
Source: Bloomberg
WTI was hovering just below $88.50 ahead of the print and faded very modestly after the disappointingly large build in gasoline stocks...
Finally, it is worth noting that the wintry weather headed for Texas so far looks less likely to lead to a repeat of last February’s cold snap that triggered catastrophic blackouts and left more than 200 people dead.
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