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WTI Falls to New Intraday Low

OIL

WTI has sunk to a new intraday low during US hours, after the latest weekly EIA petroleum data showed a significantly larger build in US crude inventories.

  • WTI MAR 24 down -1.3% at 76.89$/bbl
  • WTI-Brent down -0.05$/bbl at -5.21$/bbl
  • WTI MAR 24-APR 24 up 0.04$/bbl at 0.35$/bbl
  • WTI APR 24-MAY 24 down -0.06$/bbl at 0.26$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Feb 09: Crude stocks +12,018 vs Exp +3,299, Crude production 0, SPR stocks +746, Cushing stocks +710
  • The retreat in WTI prices has erased all of yesterday’s gains, taking front month back to levels near Feb. 12 close.
  • Crude builds were driven by a drop in refinery utilisation rates and stable production.
  • The first support is still some way off at $74.8 - 50-day EMA / Low Feb 5
Energy BulletsCommodities
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