Been watching the crude oil moves lately and noticed something interesting - the weekly EIA inventory data showed an unexpected draw of around 961,000 barrels when everyone was expecting builds. That kind of surprise usually spikes prices, and yeah, WTI jumped over 2% today hitting fresh highs. Gasoline also caught a bid with a bigger draw than anticipated. What caught my eye is how multiple factors are stacking up right now. There's this potential US-India trade deal floating around that could reshape crude flows, plus OPEC+ is still gradually raising output after those massive cuts from early 2024. Ukraine's been hitting Russian refineries hard too, which is tightening seaborne fuel shipments. On the flip side, Iraq is talking about bringing 500,000 barrels back online from the Kurdish region, and the IEA's warning about a massive supply surplus building for next year. So you've got classic supply-demand tension playing out. The crude oil inventory date each week matters more than ever when you've got this much uncertainty in the mix.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pin