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Recedes After Spike Higher

OIL

Oil has slipped slightly in Asia-Pac trade, retracing some of the rally yesterday. WTI is down $1.03 from settlement levels at $60.14/bbl, while Brent is down $0.89 at $63.51/bbl.

There is still a container ship blocking the Suez Canal, though a team of Dutch specialists will attempt to move the blockage today.

  • Data yesterday showed crude inventory builds extended as refinery runs continued to see lingering effects from the mid-February polar vortex. Headline crude stocks climbed 1.91m bbls, taking stocks 6.4% above the five-year average. The build was concentrated on the US Gulf Coast, which saw inventories rise 5.39m bbls, while Cushing, OK saw a 1.94m bbl draw, the largest one-week slide since mid-February. It was the fifth consecutive week of crude inventory builds fueled in large part by a refiners struggling to reach full capacity after February's deep freeze.

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