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- A supportive set of DoE inventories numbers boosted oil prices further, with both WTI and Brent crude futures adding close to 3% apiece. Headline stockpiles saw a draw of near 6.5mln bbls across the week, over double market expectations. This was twinned with still sluggish refinery utilization, suggesting firm demand will continue to meet lacklustre supply.
- WTI crude futures topped the downtrendline drawn off the early July highs, opening further gains for the contract. Gains through $73.52 open $74.77, the Oct-21 high.
- Elsewhere, the usually placid UK gas market rallied sharply, extending September strength as the National Grid confirmed that the France-UK power cable is set to be halted until the end of March 2022. The outage was triggered by an onsite fire overnight, and has contributed to the sharp upside in UK natural gas prices today. Day Ahead forward prices for UK natural gas traded higher by as much as 20% Wednesday and are up 40% since the beginning of the month.