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Inventories: Crude: +8.731M Gasoline: +1.120M Distillates: +6.907M Cushing: -3.370M
Crude Inventories:
— *Walter Bloomberg (@DeItaone) May 27, 2020
Crude: +8.731M
Gasoline: +1.120M
Distillates: +6.907M
Cushing: -3.370M#oott #API
Added at 4:36pm
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WTI Extends Losses After Huge Surprise Crude Inventory Build
Oil prices slipped notably today (WTI below $33) as investors weighed whether or not Russia would agree to extend output curbs when OPEC+ meets in two weeks. “It’s really important to provide stability in the market going forward and have some kind of coordinated effort together that helps not only Russia but OPEC and provides stability in the prices,” said Phil Streible, chief market strategist for Blue Line Futures LLC. OPEC+’s commitment to reducing output by almost 10 million barrels a day starting in May has helped to lift oil prices by about 75% this month. But the market’s recovery remains fragile, ... (full story)