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Front-month crude futures hitting new...>

COMMODITIES
COMMODITIES: Front-month crude futures hitting new recovery highs today of
$33.48/bbl with the energy complex outperforming against broader commodity
space. The WTI-Brent spread continues to shrink after nearing $8/bbl in late
April.
- API oil inventory data out after-market Tuesday showed both crude and gasoline
stocks falling in the most recent survey week, with crude stocks dropping near
5mln bbls against a median expectation of a build. 
- The oil outlook flipped to bullish for the Jul'20 contract after topping the
50-day exponential moving average, narrowing the gap with the 100-dma at $37.40.
The price hasn't traded above that mark since early January.
- Focus turns to DoE crude oil inventories data due in around 15 minutes time.
Markets expected a build of 1.8mln bbls in headline inventories for the week
ending May 15th. Refinery utilization is expected to rise by over 1% after
dropping by 2.6% last week and as much as 6.7% in early April.

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