WTI 'Off The Lows' After Large Crude/Gasoline Inventory Draws; Pump-Prices Set To Tumble

Oil prices extended their recent plunge this morning as traders expect Saudi Arabia to steer OPEC+ to agree on another supply surge next week as the kingdom continues its campaign to discipline the cartel’s errant members.

“History shows that when OPEC+ leadership decides to encourage compliance by supply pressure, it does not stop until it achieves its goal,” said Bob McNally, president and founder of Rapidan Energy Advisers LLC and a former White House energy official.

Overnight we saw a mixed bag from API (big crude build and bid product draws). Now let's see what the official data has to show...

API

Unmute

Advanced Settings

FullscreenPauseRewind 10 SecondsUp Next

• Crude +3.8mm

• Cushing +674k

• Gasoline -3.1mm

• Distillates -2.5mm

DOE

• Crude -2.696mm

• Cushing +682k

• Gasoline -4.003mm

• Distillates +937k

The official data was just as mixed but showed a sizable draw in crude inventories and gasoline stocks (fell for the ninth week in a row)...

READ ON