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Crude Falls As Cold Weather Signaled To Abate In US

OIL

Crude futures are sharply lower in Asia-Pac trade on Friday after sustaining losses on Thursday, curbing an impressive rally. WTI is last down $1.23 at $59.29/bbl, brent is down $1.11 at $62.83/bbl.

  • There are signs that the US is recpvering from weather related disruption and oil supply is slowly coming back online. Demand from refineries is expected to be subdued as operations will take time to ramp up. Milder temperatures are expected to return by Feb 20, in the US according to the National Weather Service.
  • The declines come even as stockpile data is supportive; US DOE inventory figures last night showed a headline draw of 7.3m bbls, while there was also a draw in distillate inventories and a smaller-than-expected build in gasoline inventories.
  • Elsewhere, the Biden administration indicated a willingness to hold diplomatic meetings with Iranin efforts to return to the nuclear deal that the US quit in 2018.
Energy BulletsCommodities
Energy BulletsCommodities

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