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OIL:  Oil Price Rebounds Despite US Stockpile News. 

OIL
  • WTI declined in late trading following the release of US government figures showing that stockpiles rose 5.47 million barrels against an expected rise of 1.6 million.
  • WTI’s prompt spread (difference between its two closest contracts) fell to the lowest level since the beginning of this month, a potential sign of a supply overhang with crude processing now at levels last seen in 2018 in the US.
  • Having touched US$71.40 earlier in the session, WTI briefly traded down to $70.20 before reversing the downward trend touching $71.70 in Asia’s afternoon.
  • Brent followed a similar pattern, having been as high as US$75.60, falling through $74.75 before recovering to $75.80.
  • In the Middle East the US Secretary of State Antony Blinken met with Israeli PM Netanyahu and both agreed that the killing of Hamas leader Yahya Sinwar ‘opened the door to possibilities’ for ending the conflict in Gaza.
  • Despite the surprise pick up in inventories and the rise in processing, data out shows that traders are holding record numbers of option contracts to protect against sudden oil price rises.
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