Stocks of distillates - the oil variant required for making the diesel needed for trucks, buses and trains, as well as the fuel for jets - rose by 95,000 barrels, less than the rise of 530,000 that had been expected.Įxports of U.S. Inventories of gasoline, America’s top automobile fuel, climbed by a modest 333,000 barrels against expectations for a draw of 1.667 million barrels. The crude build indicated weakening demand for fuels with the winding down of the peak summer travel period. Industry analysts tracked by had expected a crude drawdown of 250,000 barrels instead for last week. With the rebound, WTI remained 36% lower from the 14-year high of $130.50 it hit on March 7 after the West’s initial sanctions on Russian energy exports in the aftermath of Putin’s Ukraine invasion.īrent remained 56% lower than its March peak of $139.13.Ĭrude oil inventories rose by 8.844 million last week, the highest for a week since the week ended April 8, when there was a build of 9.382 million. WTI, or New York-traded West Texas Intermediate, settled up $1.60, or 2%, at $83.54 per barrel, after Wednesday’s 5.7% plunge.īrent, the London-traded global benchmark for oil, settled up $1.15, or 1.3%, at $89.15, after the previous session’s 5.2% drop. On the flip side, a rejection at $90 could again open the doors to a downside of $77.” “But the upside for WTI seems limited at $86 and less likely to test $90. “Yes, oversold is a good excuse and a valid one here,” said Sunil Kumar Dixit, chief technical strategist at.
![stockpile stocks stockpile stocks](https://miro.medium.com/max/4096/1*WtZDnrVjk4sPoNc4Br1Hvw.jpeg)
The Biden administration has been drawing down the SPR since November last year to make up the shortfall in crude supply on the domestic market for fuels.īut the best excuse seemed to be a technical rebound. Strategic Petroleum Reserve, which again saw a large outflow of 7.5 million barrels last week that brought the stockpile there to 442.5 million - its lowest since November 1984. Some used Vladimir Putin’s warning from a day ago that he will shut down all energy exports from his country should there be more clampdowns on Russian selling prices of oil and gas.