A Touch Softer

WTI & Brent sit ~$0.50 below their respective settlement levels after finishing around neutral levels on Wednesday.

• A reminder that Wednesday's headline DoE crude inventory data revealed a larger than expected drawdown in headline crude stocks, alongside larger than expected builds in both gasoline and distillate stocks (with all 3 readings providing wider drawdowns/builds than the weekly API equivalents, while also printing in the same direction as those equivalents). The build in the product stocks comfortably outweighed the drawdown in headline crude. Finally, stocks at the Cushing hub saw an incremental build vs. a small draw in the weekly API reading.
• Elsewhere, Libya seem to have provided a quick fix to a leaking pipeline at the ~350K bpd Waha oilfield.
• Finally, we should flag that the Keystone XL pipeline's developer halted all construction on the project months after its permit was revoked by the Biden admin.