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WTI Weakens Further in US Hours

OIL

WTI has fallen to a new intraday low during US hours, as the eroding geopolitical risk premium and concerns about near-term demand growth outweigh a larger than expected US stock draw.

  • WTI JUN 24 down 1% at 82.56$/bbl
  • WTI-Brent down 0.14$/bbl at -5.19$/bbl
  • WTI JUN 24-JUL 24 down 0.06$/bbl at 0.74$/bbl
  • WTI JUL 24-AUG 24 down 0.07$/bbl at 0.76$/bbl
  • EIA data, week ending 4/19 - Crude oil: -6.4M, Domestic prod: 13.1MMbpd, SPR: +0.8M, Cushing: -0.6M
  • Crude stocks fell driven by the Gulf Coast region due to strong exports and helped by an increase in refinery runs as facilities return from maintenance
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