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Oil Surges After Record Drop In Domestic Fuel Inventories

COMMODITIES
  • U.S. gasoline inventories collapsed last week by the most since 1990 after the Texas freeze erased over 5 million barrels/day of refining capacity in late Feb, according to EIA data. Crude stockpiles swelled with refineries still shut.
  • Markets expected volatility in the data following the weather, however, the massive product draw more than offset the record crude build. WTI crude futures dipped on the data to $60.22 before quickly erasing the losses and rallying throughout the latter part of the session to a high just shy of $62, residing up 3.25% on the day.
  • Additional tailwinds from OPEC+ headlines, where no recommendation was made on output. Some member states appear to be pushing for a higher level of easing of the cuts, while others are being more cautious. The talks will continue tomorrow.
  • Higher yields and a slightly firmer US dollar weighed on metals, with spot gold (-1.28%) and silver (-1.85%) continuing their short-term downward bias that commenced in late February. Gold now eyes support at the 61.8% retracement of the Mar - Aug 2020 rally at $1689.90. Copper futures also struggled, losing 1.67%
  • Bitcoin soared back above the $50,000 mark and is currently up 8.5% as markets continue to digest Goldman Sachs relaunching their crypto-currency trading operations.
Energy BulletsCommodities
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