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Crude Falling Amid Rising US Stocks

OIL

WTI has been dropping during US trading hours following the larger than expected build in US crude and record production levels.

  • Crude showed a large build in line with the API data but counter to the prior expectation of a small draw. The EIA Weekly US Petroleum Summary for the week ending Oct 6 showed Crude stocks up by 10.176m bbl compared to expectations of a 431k decline. The build was driven by a large decline in crude exports back to 3.1mbbls, drop in refinery runs and increase in production. US production rose to a record high of 13.2mbpd.
  • The US dollar is also seeing a rally on the day, with the Bloomberg dollar spot index up 0.60% on the day at 1272.33.
  • WTI NOV 23 down -0.9% at 82.78$/bbl
  • WTI-Brent down -0.39$/bbl at -4.18$/bbl
  • WTI NOV 23-DEC 23 down -0.3$/bbl at 1.12$/bbl
  • WTI DEC 23-JAN 24 down -0.13$/bbl at 1.02$/bbl
  • WTI DEC 23-DEC 24 down -0.26$/bbl at 6.52$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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