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Crude Futures On Track To Decline For Sixth Straight Session

OIL

Crude futures continued to decline in the Asia-Pac session on Thursday, WTI is down $1.16 from settlement at $64.30/bbl while Brent is down $1.02 4 at $67.19/bbl; these levels for oil denote the lowest since May. Markets continue to assess the weekly DoE crude oil inventories which showed a surprisingly large build in gasoline inventories - with stockpiles rising by 696,000 bbls, against an expected draw of over 2.3mln bbls. This countered both the crude oil and distillates headlines, which both showed larger draws on inventories than forecast. Oil was also pressured by a stronger greenback, the dollar index hit the highest since November 2020.

Energy BulletsCommodities
Energy BulletsCommodities

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