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Crude Reverses Weekly Direction and Edges Higher Before EIA Data

OIL

Crude edging higher after falling all week on demand concerns and before the release of the updated petroleum inventory data later today.

  • Crude inventories are expected to draw by -0.67mbbls and refinery utilization fall by 0.17% for the week ending September 2. Gasoline inventories are expected to draw by -1.85mbbls and distillates to fall by -0.1mbbls.
    • Brent NOV 22 up 1.3% at 89.13$/bbl
    • WTI OCT 22 up 1.9% at 83.48$/bbl
    • WTI-Brent up 0.11$/bbl at -6.12$/bbl
    • Brent NOV 22-DEC 22 up 0.15$/bbl at 0.94$/bbl
    • Brent DEC 22-DEC 23 up 0.61$/bbl at 8.38$/bbl

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