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Crude Continues Trading Higher

OIL

Crude has continued to trade higher on the day, with additional support coming from a larger than expected draw in US oil inventories.

  • US crude inventories fell this week despite another unexpected drop in exports driven by a decline in imports while refinery runs fell and production remained unchanged on the week. Crude inventories were down 4.258m bbl vs an expected build of 20k bbl.
  • Concerns on shipping amid attacks on tankers in the Red sea is also adding support.
  • WTI has traded between a low of $67.80/b and $69.69/b during the day.
  • WTI JAN 24 up 0.9% at 69.24$/bbl
  • WTI-Brent down -0.11$/bbl at -4.49$/bbl
  • WTI JAN 24-FEB 24 down -0.01$/bbl at -0.25$/bbl
  • WTI FEB 24-MAR 24 down -0.02$/bbl at -0.26$/bbl
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