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Oil Bounce Accelerates on Distillates Draw

COMMODITIES
  • WTI and Brent crude benchmarks recovered further Wednesday, with the bounce accelerating on a bullish set of numbers from the Weekly DoE Report. Markets focused on the far larger than expected draw in distillates inventories, which saw stockpiles drop around 1.3mln bbls - the fastest pace of decline in months. Analysts had expected a build of 1.1mln bbls over the period.
  • Traders also shrugged off the bigger-than-expected build in headline reserves, with isolated West Coast supply being largely responsible.
  • Solid equity markets added some support as well as the formation of a bullish candle pattern on Monday/Tuesday, which could target first resistance at $71.40 (weekly high) and $72.48.
  • Gold trade was uneventful, with the yellow metal spending most of the session in minor negative territory. Gold did print a new low of $1794.8 but steered clear of any material test on first support at the $1793.9 1.0% 10-dma envelope.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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