Image Source: Pixabay

Oil extended a string of small gains as uncertainty over global supplies lingered, offsetting API's report of another increase in US crude stockpiles.

Crude has risen this week on the prospect that supplies may tighten as oil flows through a key Kazakh pipeline were reduced and as OPEC+ considers whether to push back a planned production increase.

“Prices will likely remain rangebound, continuing to move with headlines,” Royal Bank of Canada analysts including Brian Leisen wrote in a note, adding that “as more time passes without the market realizing a substantial catalyst,” traders will tend to position themselves closer to average prices.

So all eyes are on the official data this morning for confirmation of the inventory rise.

API

• Crude +3.34mm
• Cushing
• Gasoline +2.8mm
• Distillates -2.7mm

DOE

• Crude +4.63mm (+2.16mm exp)
• Cushing +1.47mm
• Gasoline -151k
• Distillates -2.05mm

Crude stocks rose more than expected last week - the fourth straight weekly build - as Distillates inventories drew down again but the official Gasoline stocks shift was de minimus...

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Source: Bloomberg

For the first time since Nov 2023, there was no addition to the Strategic Petroleum Reserve...

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Source: Bloomberg

US Crude production inched higher...

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Source: Bloomberg

WTI was hovering up near the high of the day around $73 ahead of the print and is holding the gains for now...

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Trading has calmed after a tumultuous start to the year, with prices locked in a narrow range this month as the market becomes increasingly numb to the array of changes that US President Donald Trump is seeking to implement.

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