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WTI Nearing Intraday High

OIL

WTI is back to near its intraday high, as an unexpected draw in US crude stocks and disruption at Russian refineries due to Ukrainian drone attacks adds concerns for global supplies.

  • Higher US refinery utilisation rates and rising gasoline demand are also likely to be supportive.
  • EIA Weekly US Petroleum Summary - w/w change week ending Mar 08: Crude stocks -1,536 vs Exp +307, Crude production -100, Gasoline stocks -5,662 vs Exp -1,620: Implied mogas demand +31, Distillate stocks +888 vs Exp -704, Implied dist demand -699,
  • WTI APR 24 up 2.5% at 79.5$/bbl
  • WTI-Brent down -0.03$/bbl at -4.72$/bbl
  • WTI APR 24-MAY 24 up 0.06$/bbl at 0.37$/bbl
  • WTI MAY 24-JUN 24 up 0.07$/bbl at 0.42$/bbl
  • WTI JUN 24-DEC 24 up 0.39$/bbl at 3.65$/bbl

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