WTI ‘Off The Lows’ After Across-The-Board Inventory Draws, Diesel Stocks Lowest In 20 Years
Oil prices are dumping this morning, after overnight gains following API’s reported big crude draw as soft US economic data and concerns about rising supplies eroded the risk-on sentiment from a court ruling that blocked a swath of the Trump admin’s tariffs.
Crude had earlier rallied as much as 2% after a trade court blocked a vast range of President Donald Trump’s trade levies.
“The path to sustainably higher prices remains extremely narrow,” with the market likely to struggle to absorb additional barrels from OPEC+ over the coming months, said Daniel Ghali, a commodity strategist at TD Securities.
In the near term, algorithmic selling activity will weigh on prices into the weekend meeting, he added.
Will the official data confirm API’s bid draw and rejuvenate the rebound?
API
-
Crude -4.24mm
-
Cushing -342k
-
Gasoline -528k
-
Distillates +1.3mm
DOE
-
Crude -2.795mm
-
Cushing +75k
-
Gasoline -2.44mm
-
Distillates -2.795mm
The official data showed across the board drawdowns in inventories for crude and products. The Cushing hub saw a teeny tiny build in stocks…
Source: Bloomberg
Even including the 820k barrels added to the SPR, total crude stocks fell 1.975mm barrels – the biggest draw in two months
Source: Bloomberg
Distillate stocks plunged to their lowest since May 2005…
Source: Bloomberg
While the US rig count continues to slump (drill,m baby, drill?) US crude production hovers near record highs…
Source: Bloomberg
Crude prices are ‘off the lows’ of the day on the official inventory data, but still down on the day…
Source: Bloomberg
Oil has trended lower since mid-January on concerns about the fallout from Trump’s tariff war, with the revival of idled production by OPEC+ adding to headwinds.
The trade measures have rattled global markets, raising concerns over economic growth and demand for commodities.
Elsewhere, Libya’s eastern government said it may shut down oil production and exports in protest after a militia stormed the state oil company’s headquarters. The move highlights the persistent threat to output in the OPEC+ producer.
Wildfires near major Alberta oil sand sites also threaten more than 200,000 barrels a day of Canadian production.
Tyler Durden Thu, 05/29/2025 – 12:05
Source: https://freedombunker.com/2025/05/29/wti-off-the-lows-after-across-the-board-inventory-draws-diesel-stocks-lowest-in-20-years/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Online: | |
| Visits: | 1,699,382,913 |
| Stories: | 8,425,653 |
Whistler Blowers, Insiders
