WTI rallied overnight, in the face of dollar gains, as Iran supply fears reignited, dominating API inventory builds across the board, and spiked notably after DOE reported a bigger-than-expected 2.566mm crude draw.

But bear in mind that seasonal refinery maintenance is about to start, which will “begin to affect the crude stocks and refined product output,” Kyle Cooper, a consultant at ION Energy, says


  • Crude +38k (-1.49mm exp)

  • Cushing +130k (+50k exp)

  • Gasoline +21k

  • Distillates +982k


  • Crude -2.566mm (-1.49mm exp)

  • Cushing +58k (+50k exp)

  • Gasoline -1.554mm

  • Distillates -837k

Crude inventories fell for the 2nd week in a row…

Crude production was unchanged last week (remember, the data only moves in 100k increments now, so unless a decent shift, then no change occurs).

East Coast weekly crude imports dropped to their lowest since 2015.

And Gasoline Demand hit a record high…

After a brief dip on last night’s API report, WTI has surged overnight – bucking the stronger dollar – to trade around $69 as DOE data hit, then spiked higher, breaking resistance…

U.S. sanctions on Iran are “already starting to materialize,” said Bjarne Schieldrop, Oslo-based chief commodities analyst at SEB AB. “This is driving up the physical crude-oil market, shifting the Brent crude curve into backwardation.”

Meanwhile, the pipeline problems in the Permian have smashed the discounts to other sources near record highs…

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.