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Crude Oil Bounces Despite US Inventory Build

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  • Crude oil prices have reversed yesterday’s, surprisingly so given and a much larger than expected inventory build in the US (8.4M vs -1.3M) along with at the margin a further fall in equities (currently almost reversed). The increase in cushing crude stocks was the most since Apr’20.
  • JPMorgan raised its estimate for China’s oil demand growth, on track for consumption to hit 16mbpd with the reopening proceeding one quarter sooner and more rapidly than they first expected.
  • WTI is +1.0% at $80.29 but off earlier highs of $81.18. Resistance remains at $82.38 (Jan 18 high). Most active strikes in the CLH3 are for $89/bbl calls.
  • Brent is +1.4% at $86.15 off earlier highs of $86.85. Key short-term resistance remains at $87.85 (Jan 3 high).
  • Gold is +1.3% at $1929.70 with particularly large gains compared to relatively little change in the USD and Treasury yields climbing. It’s close to session highs of $1930.44 and moving closer again to resistance at $1934.4 (Apr 25, 2022 high).
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  • Crude oil prices have reversed yesterday’s, surprisingly so given and a much larger than expected inventory build in the US (8.4M vs -1.3M) along with at the margin a further fall in equities (currently almost reversed). The increase in cushing crude stocks was the most since Apr’20.
  • JPMorgan raised its estimate for China’s oil demand growth, on track for consumption to hit 16mbpd with the reopening proceeding one quarter sooner and more rapidly than they first expected.
  • WTI is +1.0% at $80.29 but off earlier highs of $81.18. Resistance remains at $82.38 (Jan 18 high). Most active strikes in the CLH3 are for $89/bbl calls.
  • Brent is +1.4% at $86.15 off earlier highs of $86.85. Key short-term resistance remains at $87.85 (Jan 3 high).
  • Gold is +1.3% at $1929.70 with particularly large gains compared to relatively little change in the USD and Treasury yields climbing. It’s close to session highs of $1930.44 and moving closer again to resistance at $1934.4 (Apr 25, 2022 high).