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Futures Dip After Two-Days Of Gains


Crude futures are slightly lower, declining after two days of gains. WTI is down $0.39 from settlement levels at $59.38/bbl, while Brent is $0.42 lower at $62/74/bbl.

  • Data yesterday showed headline crude stocks fell more than expected, dropping 3.522m bbls against expectations of a 1.638m bbls decline, stocks at Cushing fell 735k bbls. Gasoline stocks did rise, some 4.04m bbls higher, but demand was strong with imports and refinery runs both higher.
  • Upside yesterday was also supported by the release of US President Biden's tax plan that would end some fossil fuel subsidies. The plan specifically targeted $35bn in projected subsidies over 10 years, noting that profits of oil and gas companies would be the main victims.

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