WTI Dips After API Reports 2nd Straight Week Of (Unexpected) Crude Inventory Builds

wti dips after api reports 2nd straight week of unexpected crude inventory builds

Sumary of WTI Dips After API Reports 2nd Straight Week Of (Unexpected) Crude Inventory Builds:

  • Oil prices extended their gains today (WTI at hits highest since 2014 and Brent at three year highs), after the OPEC+ group of producers agreed yesterday to stick to its planned output increase rather than raising it further.
  • Additionally, rocketing global natural gas prices, which may incentivize some power generators to switch from gas to oil, mean crude prices are likely to remain supported even though there could be a short-term pullback, said Gary Cunningham, director of market research at Tradition Energy.
  • “India, for example, has warned it has only four days of coal reserves left, while reports suggest German power plants are running out of fuel.
  • “However, the increase in energy prices could push up inflation and force the Federal Reserve to start raising interest rates sooner than it currently expects, Stifel said.

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