Article By:
Dimitris Kontoulis
Sunday, June 13, 2021 10:17 AM EDT
The market wants to break out in uptrend on seasonality, and a support level around $3.20 - $3.30 will affirm most of market participants sentiment about the following months. The summer demand will offer a nice benchmark for the winter contracts.
WTI Extends Gains After Sizable Crude Inventory Draw, Shrugs Off Unexpected Product Builds
$FANG $XOP $USO OK so we had EXACTLY the right #'s IF you just add the higher gasoline build to ESTIMATES versus the HIGHER crude DRAW to estimates. Basically the ESTIMATES really got it EXACTLY RIGHT! Crude -5.36mm (-3.3mm exp) Cushing +741k Gasoline +2.51mm (-1.1mm exp) Distillates +1.585mm (-1.6mm exp)