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OIL: Crude has regained some poise after news that NSA director & foreign
policy/trade hawk, John Bolton, had resigned/was removed from his post hit on
Tuesday, which pressured the space in NY hours. WTI & Brent last deal ~$0.40 &
$0.30 higher, with the modest recovery facilitated by reports pointing to a
larger than exp. draw in the latest headline API crude inventory estimate, which
was accompanied by a larger than exp. draw in gasoline stocks, a draw in stocks
at Cushing and a small build in distillate stocks. Tuesday also provided
familiar rhetoric from some of the top names operating under the OPEC+
agreement. OPEC Sec-Gen Barkindo noted "that so far there are no alternative
plans for the OPEC+ agreement," while Russian Energy Min Novak affirmed his
country's cooperation to the new Saudi Energy Minister, AbS. Elsewhere, the EIA
cut its '19 global oil demand growth exp. by 100K bpd to 890K bpd. The agency
has now cut that particular forecast across 7 consecutive months.
- Finally, it is worth flagging that RTRS sources revealed that "Mexico's new
formula for its oil hedging & pricing of its oil export sales now includes U.S.
WTI crude delivered to East Houston."