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Crude Prices Down but Regain Some Ground

OIL

WTI has recovered some of its earlier losses following the initial response to EIA data.

  • WTI FEB 24 down -0.6% at 72.3$/bbl
  • WTI FEB 24-MAR 24 up 0.03$/bbl at -0.16$/bbl
  • Above expected crude draws will be adding support to WTI, falling by 5.503m bbl compared to expectation of a 3.406m bbl drop.
  • However, downside is coming from the large and unexpected builds in gasoline and diesel. The product builds were driven by declining weekly implied demand.
  • Gasoline inventories in the US saw their highest weekly rise in over 30 years, up 10.9m bbl to 237m bbl, according to EIA data.
  • The ongoing escalation in Middle East tensions and outages in Libya are also adding support. However, this is being limited by strong non-OPEC supply and concerns of a slow-down in demand growth in 2024.
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