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Holding Losses

OIL

Crude prices are essentially flat in Asia, holding yesterday's declines. WTI is last $0.07 higher at $57.83/bbl, while Brent is $0.06 lower at $60.85/bbl.

  • Markets are digesting reports that a large shipping container has run aground the Suez Canal, blocking off traffic in both directions. Ever Given, a 400m long container ship wedged itself lengthways and caused a build up of around 100 ships. Still, worries over the global recovery amid fresh lockdowns in Europe have tempered any upside for crude. API inventory data yesterday was bearish, headline crude stocks rose 2.93m bbls, though stocks at Cushing, OK fell 2.28m bbls and gasoline stocks fell 3.73m bbls. Markets now look to DoE figures later today.

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