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Crude Buoyed on Sizeable Draw in Oil Reserves

COMMODITIES
  • WTI and Brent crude futures trade well, with prices briefly rising back above the $80/bbl level on the sizeable draw in crude inventories. The weekly DoEs showed a draw of 2.1mln bbls vs. Exp. build of 1mln. Other metrics largely inline (draws for gasoline & distillates). Refinery utilization perked up to +1.20% vs. Exp. +0.47%.
  • Worth noting as part of that weekly EIA release, that the US SPR dropped 3.25mln bbls to 606.147mln.
  • While this doesn't equate to a reserve release from the US SPR (these adjustments are usually technical in nature), that's the largest draw on reserves according to data going back over a decade.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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